Iowa sports betting numbers down for fourth straight month
Sportsbooks handle $115.6m in lowest-volume month since July 2022
Hawkeye State bettors wagered just $115.6m during June, which represented a 21.7% month-over-month (MOM) decline in handle from May’s $147.7m, according to latest data from the Iowa Racing and Gaming Commission (IGRC).
June marked the fourth consecutive monthly drop in handle as well as the lowest-volume month overall since July 2022, when the state’s sportsbooks generated $108.5m in handle.
Adding insult to injury, operator hold percentage was just 6.2% – a significant drop from 11.2% in May – resulting in $7.1m in revenue, a 57% MOM drop.
As a result, tax payments back to the state totaled a mere $570,976.
The slowdown is partly attributable to the sports calendar, as both the NBA and NHL seasons entered their respective finals, with both championship series ending in five games.
The $115.6m in handle was nonetheless down from $122.4m in June 2022, a 5.6% year-over-year downtick.
Among online operators, DraftKings led the way with $39.9m in handle, from which it generated $2.6m in revenue. FanDuel actually outearned its primary competitor by notching $2.8m in revenue, albeit on $27.6m in handle.
Newcomer bet365, which launched operations in the state at the beginning of the month, handled $3.6m in bets – more than a handful of mainstays such as Barstool and BetRivers – but took a $1.6m loss due to a heavy promotional acquisition push.
Iowa continued its trend of a mobile-first market, with 91.4% of all June wagering activity taking place online.