Iowa sportsbooks set wagering and revenue records in November, generating nearly $20m in revenue on nearly $290m in bets. The Hawkeye state is now on the path to hit $2bn in betting for the year, according to PlayIA, a source for news and analysis of the Iowa gaming market.
According to official data, Iowa’s sportsbooks generated $287.2m in wagers in November, up 229.5% from November 2020’s $87.2m. November’s handle was up 2.3% from October’s record of $280.9m, and bettors averaged $9.6m per day during the month (October: $9.1m).
Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayIA.com, commented: “The expansion in betting in Iowa over the last three months has set a new floor for the industry.
“Operators have used the popularity of football to not only attract new customers, but also to expose existing bettors to more diverse forms of betting. The growth this fall will benefit state sportsbooks for the months and years to come.”
In November, Iowa’s revenue grew by 142.5% YoY to $19.7m (November 2020: $8.1m) and 201.2% from October’s $6.6m. The month’s revenue beat the previous record set in March of $13.5m, while its gains generated $2.1m in tax revenue for the state, another record.
Through 2021’s first 11 months, Iowa sportsbooks have yielded $1.8bn in wagering, ($778.6m over the last three months), $101.1m in revenue ($32m over the last three months), and $7.8m in taxes ($3.1m over the last three months).
Russ Mitchell, lead analyst for PlayIA.com, added: “The removal of in-person registration requirements for online sportsbooks at the beginning of the year was obviously a watershed moment for the state. But the growth of the last three months has been on another level.”
In terms of online and retail, $260.4m (90.6%) of November’s bets were made online, producing $16.8m in revenue, while retail betting generated $26.9m in wagers, yielding $2.9m in net receipts.
Online, Caesars led the way with $104m in wagers ($4.7m in revenue). DraftKings was next with $75.1m ($4.2m in net receipts), followed by Barstool Sports, which launched on November 2, with $9.7m in bets ($770,576 in revenue).
On the retail front, Diamond Jo Worth topped the market with $6.7 in bets ($2.3m in revenue) followed by Ameristar Council Bluffs with $5.6m in wagers ($1.8m in net receipts).
Mitchell continued: “Football is driving record growth this fall, not just in Iowa but all over the country. But with four Division I basketball programs, Iowa’s sportsbooks have an opportunity to grow some more this winter, especially if Iowa and Iowa State continue to play well.”
