Iowa bettors spend a record $210m in September

Iowa sportsbooks have experienced an upsurge in betting action since the beginning of the football season, as shown by the latest financial report published by the state’s regulator.

According to the Iowa Racing and Gaming Commission (IRGC) report, licensees in the state took in $210.4 million in sports wagers in September, an increase of 94.1% from the $108.4 million handled in August. The figures reported in September 2021 also show a massive jump of 190.6% in betting handle year-on-year, when compared to the $72.4 million wagered in the same period last year.

However, the growth was not replicated across the board, as revenue for the month was down by 13.5%. The state’s sportsbooks recorded a win rate of 2.7% in September after holding $5.7 million in the month, down from $6.6 million in August. Some $512,951 of the revenue posted by licensees went to the state in taxes.

The number of operators reporting to the IRGC also went up from 12 to 14 in September, as Fubo Gaming and Unibet launched in Iowa during the month.

Mobile sportsbooks dominate Iowa sports betting industry

Just like in previous months, the majority of bettors in the Hawkeye State preferred to place their sports wagers via mobile betting apps in September, as opposed to visiting retail sportsbooks.

The combined handle for online licensees was $186.5 million, which is about 88.6% of the state’s total handle. The value of wagers processed by mobile operators in August was $96.1 million, showing an increase of 94.1%.

The total amount paid out to mobile bettors was $185.1 million, which means that operators held only a paltry $1.5 million of the wagers placed via online platforms.

The retail industry, on the other hand, posted a betting handle of $23.9 million, up 92.7% from the $12.4 million reported in August. However, the total revenue posted by retail sportsbooks was much higher than the profits posted by online operators, at $4.2 million.

Caesars and DraftKings top online betting market

According to the figures published by the IRGC, Caesars Sportsbook was the leading operator in the Iowa online betting market with a handle of $66.5 million.

Caesars, formerly known as William Hill, has dominated the local industry since it launched in August 2019, and it also boasts the largest retail presence in the state. The brand has six retail partners, namely Harrah’s Casino in Council Bluffs, Horseshoe Casino, Isle of Capri casino in Bettendorf, Isle Casino in Waterloo, Prairie Meadows Racetrack in Altoona, and Lakeside Casino in Osceola.

DraftKings Sportsbook came a close second with a betting handle of $64.8 million, an increase of 116.7% from the $29.9 million processed in August. The company partners with Wild Rose Entertainment for its online operations in the Hawkeye State, and it also has physical wagering venues at the three Wild Rose properties in Clinton, Jefferson, and Emmetsburg.

FanDuel ranked third in terms of mobile handle, after taking in $27 million worth of bets in the month. However, the operator had the highest online revenue figures at $1.8 million.

Unibet Sportsbook, which launched on September 1, posted a handle of $516,135, while Fubo Gaming had an online handle of $220.