Iowa Sports Betting Revenue Sees Increase

Iowa Sports Betting Revenue Sees Increase

Covid-19 impactfully bashed Iowa sports betting numbers in the month of April 2020. Their sports betting handle was just a mere $1.6 million with all major sports shut down, and the state hit an all-time low for sports betting. Ever since then, Iowa has been building its numbers back up, and just recently, there has been a spike in Iowa’s betting handle.

Success Early Last Year

In January 2020, Iowa had around a $58.02 million dollar betting handle, and in February 2020, it was followed up by a similar number at $56.92 million. These were very good numbers for Iowa, which was undoubtedly near its peak since legalizing sports betting.

Covid-19 Effects

Unfortunately, in March, all of the world was put on hold due to the coronavirus breakout, and all physical sportsbooks were closed. In April 2020, the state hit an all-time low number of just $1.6 million. However, the next month there was an increase to $6.97 million and then doubled to $12.71 million.

Ever since that, the Iowa sportsbooks have been recovering, and the handle has continued to increase along with the revenue.

Iowa sports betting handle sets new monthly record, driven by March Madness
Covid-19 impactfully bashed Iowa sports betting numbers in the month of April 2020. But ever since then, the state has been building its numbers back up, and just recently, there has been a spike in Iowa’s betting handle.

Recent Success

Fast forward to 2021. In June, it was reported that Iowa’s betting handle was $111.2 million. This was the 7th consecutive month, with the state having a handle above $100 million.

Despite the handle dropping a bit from May, the revenue increased over 37% from May. This was caused by a jump in the hold percentage, which was 5.3% in May and 7.6% in June.

The revenue increase was over 1250% from June of last year.

DraftKings and BetRivers led the online revenue claiming over $2.5 million dollars revenue from the $31.3 million wagered. There was a decrease in handle from May, but in line with the rest of the state, the revenue jumped despite the drop in handle.

FanDuel was second for online revenue with $1.3 million. They boasted the highest hold percentage at just above 9.15%.

Retail Sites Recovering

With Covid restrictions easing in person, sites saw huge jumps in handles. $16.1 million dollars was wagered in person in the month of June, which is a 7.45% increase from the month of May.

Expect the numbers to continue to grow, with many people preferring to place tickets in person rather than online, and Covid restrictions continue to ease up around the state.

 

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