Iowa Posts June Sports Betting Handle Dip, But Revenue is Up

Iowa Posts June Sports Betting Handle Dip, But Revenue is Up
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Since posting a record sports wagering handle in March, Iowa saw its third straight month with a decrease in overall betting. It’s more of a reflection on the sports calendar and mirrors what other states have seen.

The $111.2 million wagered in June was a 3.2% dip from May’s $114.9 million sports handle. March remains the standard with $161.44 million in total Iowa sports betting handle.

Iowa online sports betting in June was about 85% of the total market, down slightly from the 87% in May. The online handle in June was $95.1 million a 4.8% decrease from the $99.92 million registered online in May.

There are 18 casinos/sportsbooks in Iowa that accepted wagers in June.

June net receipts in Iowa totaled $8.4 million, a 37.4% hike over the $6.13 million in May. The state received $568,502 in taxes from June sports wagering, a 37.3% increase over the $414,175 collected in taxes in May, according to figures from the Iowa Racing and Gaming Commission.

Among casinos, Prairie Meadows, with a William Hill Sportsbook, posted a handle of $19.5 million. Diamond Jo-Dubuque had a handle of $15.3 million, followed by Wild Rose-Jefferson ($14.6 million) and Diamond Jo-Worth ($11.4 million).

Iowa Sports Betting Revenue & Handle, June vs. May

Total HandleMobile Handle Revenue
Change Down 3.2% Down 4.8% Up 37.4%

Bally Bet Enters Iowa Market

The Bally Bet mobile sportsbook went live in Iowa at the end of June. It was the second state Bally Bet joined after launching in Colorado sports betting market in late May.

Bally’s Corp. said it plans to launch in two more legal states by the end of the year.

In Iowa, Bally's has a mobile sports betting skin through a market access partnership with Elite Casino Resorts, which owns Grand Falls, Rhythm City and Riverside casino and golf resorts. It also allows Bally's to have more exposure on Sinclair Broadcast Group's local CBS and Fox television affiliates in Iowa.

In early June, Australian gaming company PlayUp announced it is partnering with Caesars Entertainment for Iowa market access. It will also launch in the Indiana sports betting market and iGaming in New Jersey. PlayUp said it has started the regulatory process in Iowa and hopes to launch this year.

Waiting for Football to Return

As referred to earlier, the sports calendar plays a significant role in a state’s handle. From September through the Super Bowl in early February, sports wagering activity is supported by fan interest in football, both the NFL and college.

Once the NFL season ends, bettors can look to March Madness wagering. Once that ends, there is a drop in US sports wagering.