Sportsbooks in Iowa report $146M betting handle in June

Iowa Sports Betting Revenue Handle June
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Iowa is continuing to report growth as one of America’s regulated sports betting markets.

According to data provided by the Iowa Racing and Gaming Commission, the Hawkeye State saw its operators report a $146.6 million total handle in June 2024, up from $119 million for the same month last year. Iowa sportsbooks generated $12.4 million in net receipts during the month with winnings paid to players at $134.6 million for an 8.5% hold.

The results in June saw Iowa state and local governments collect $843,201 in taxes from 17 licensed online sportsbooks compared to $703,046 in taxes collected in June 2023.

Iowa’s top sportsbooks

DraftKings reported the highest online handle in June with wagers accepted at $52.9 million, up from $39.8 million for the same month last year. The Wild Rose Casino partner generated $4 million in net receipts last month compared to $2.6 million in June 2023.

The Boston-based operator paid out $48.9 million in winnings last month for a 7.7% hold.

Diamond Jo Casino partner FanDuel closed June 2024 with Iowa’s second-highest handle. The gaming betting giant accepted $33.7 million in wagers last month resulting in a $6.1 million increase in bets compared to June 2023’s figures. FanDuel generated $4.2 million in net receipts in June 2024, up from $2.8 million for the same month in 2023.

Caesars Sportsbook finished third-best in Iowa in terms of handle for June 2024. The operator, which partners with five in-state casinos, posted a $15.9 million online handle last month. Caesars’ results in June were a slight improvement from its $15.7 million handle in June 2023. Despite the growth, Caesars took a step back in net receipts. Last month, the sportsbook generated $937,010 in net receipts, down from $1.1 million in June 2023.

Emerging Iowa operators

Iowa is home to some of sports betting’s newest licensed operators.

Last month, ESPN Bet reported a $4.8 million online handle in Iowa marking a substantial increase from results under Barstool Sportsbook. That year, PENN Entertainment rebranded Barstool as ESPN Bet with the new platform debuting in over 12 markets.

By comparison, Barstool reported a $2.4 million online handle in June 2023. Net receipts last month for ESPN Bet reached $403,960, up from Barstool’s $116,471 in June 2023.

Fanatics has also solidified a presence in Iowa’s sports betting market with the operator reporting a $3.3 million online handle and $307,736 in net receipts last month. The operator gained market access in the Hawkeye State after acquiring PointsBet’s U.S. business. In June 2023, PointsBet saw its online handle in Iowa close at $1.3 million.

PointsBet saw its net receipts reach $169,577 in June 2023 before exiting the U.S. market.

Sports betting exchange Sporttrade reported its first full month of results after launching in the Hawkeye State in May. Last month, Sporttrade reported a $563,184 online handle with net receipts for the New Jersey-based exchange closing at $73,124.

Tipico has also called Iowa home with the operator accepting $246,305 in online wagers in June 2024, slightly above the $240,293 handle it reported for the same month last year. Tipico, which saw net receipts reach $30,971 last month, is exiting the Iowa market as part of MGM Resort International’s acquisition of the operator’s U.S. operations.

Last month, MGM agreed to purchase Tipico’s U.S. assets for an undisclosed amount through its subsidiary LeoVegas. The transaction is expected to close in Q3 2024.