Iowa Sports Betting Handle, Revenue Decline In June

According to the Iowa Racing and Gaming Commission (IRGC), state operators accepted $146.6 million in wagers from sports betting in June. Last month’s total was down from $182.4 million in May.

Iowa sportsbooks earned $3.8 million less in generated revenue last month compared to $16.69 million in May

However, sports betting operators in the Hawkeye State collected a total of $12.49 million in net receipts, resulting in an increased 11.7 win percentage. Sports wagering payouts went from $165.7 million in May to $134.1 million in June.

In June, Iowa sportsbooks also earned $3.8 million less in generated revenue compared to $16.69 million during May. Though, the hold rate increased by .08 percent. Plus, the state reported $843,000 in state tax revenue in June, $276,600 less compared to May.

This brings the fiscal year-to-date totals for retail and online wagering to $2.61 billion in handle, $212.25 million in total revenue, and $14.34 million in state tax.

Per the IRGC, Iowa’s fiscal year-to-date sports wagering handle net receipts and total tax revenue has increased since 2023. The state’s sports betting handle climbed from $2.24 billion in fiscal year 2023 to $2.61 billion.

Additionally, the total wagers rose from $186.3 million in fiscal year 2023 to $212.2 million through June 2024. State tax revenue increased from $12.8 million to $14.3 million in 2024 as well.

Hawkeye State has 17 online sportsbooks available

There are a total of 17 active online sportsbooks in Iowa: Bally Bet, bet365, Betfred, BetMGM, BetRivers, Betway, Caesars, Circa, ClutchBet, DraftKings, DRF, ESPN BET, FanDuel, Hard Rock Bet, PointsBet, Q, and SuperBook.

As for the most profitable Iowa sportsbooks, DraftKings and FanDuel once again finished ahead of their competition in handle and revenue last month.

DraftKings received the largest handle at $57.6 million and reported $4 million in revenue. FanDuel generated $33.7 million in handle and $5.2 million in revenue across the company’s online and retail sportsbooks.

At a distant third, Caesars finished last month with $15.9 million in handle and $937,000 in revenue. BetMGM also dropped below $1 million in revenue after producing $1.6 million in revenue during May.

Furthermore, both ESPN BET and bet365 saw their betting handle decline in June. Despite the fall, bet365 still ended the month with a $19,000 increase in revenue.

Having said that, the same cannot be noted for ESPN BET. The sportsbook’s revenue shrunk from $900,500 in May down to $647,300 in June.