Iowa Sports Betting Hits Record High in November
Iowa’s sports betting market experienced a significant surge in November, with players wagering a total of $289.7 million. This impressive figure not only represents a 17.1% increase compared to the previous year but also marks the highest monthly total since January 2022.
The November handle in Iowa surpassed the $247.5 million recorded in November 2022 and was 13.5% higher than the $255.3 million staked in October of the same year. This growth is noteworthy, as the total wagered in November was the most since the record $303.3 million set in January 2022, nearly two years prior.
The majority of the November betting handle came from online platforms, with $265.8 million wagered, while retail sportsbooks accounted for $23.9 million. This distribution underscores the dominant role of online betting in the Iowa market.
Revenue Insights
In terms of revenue, operators in Iowa generated a total of $14.1 million in November. This was a substantial increase of 143.1% from the $5.8 million earned in the same month last year. However, it’s important to note that the revenue in November 2022 was affected by large payouts to US businessman Jim “Mattress Mack” McIngvale.
Compared to October this year, November revenue was down by 33.5%, largely because players won more in November ($275.6 million) than in October ($225.3 million). Of the total revenue, online betting contributed $12.6 million, while retail wagering added $1.5 million.
Leading Operators in Iowa
Diamond Jo Dubuque, in partnership with FanDuel, continued to lead the market in November, generating $3.5 million in revenue from $72.7 million in total sports bets.
Following closely were Wild Rose in Jefferson and DraftKings, with $1.9 million in revenue from a $45.5 million handle. Wild Rose in Emmetsburg, another DraftKings partner, ranked third with $1.6 million in revenue and a $28.7 million handle. Wild Rose in Clinton also made a significant contribution, with a handle of $33.7 million.
The sports betting tax for November in Iowa amounted to $954,195, contributing significantly to the state’s revenue.
Our Comment on the Article
The record-breaking sports betting handle in Iowa for November is a clear indicator of the growing popularity and acceptance of sports betting in the state. The substantial year-on-year increase and the dominance of online betting platforms highlight the evolving nature of the sports betting landscape. The fluctuation in monthly revenues, influenced by factors such as player wins and significant payouts, underscores the dynamic nature of the betting industry.
The consistent performance of leading operators like Diamond Jo Dubuque and partnerships with major players like FanDuel and DraftKings reflect the competitive yet collaborative spirit of the market. This trend in Iowa is not just about the numbers; it’s a reflection of the broader shift towards embracing sports betting as a mainstream entertainment and revenue-generating activity in the United States.
