Iowa’s Sports Betting Revenue Rises 920.5% On Annual Level

A staggeringly successful sports betting figure from Iowa in February shows that the year-on-year revenue boost amounted to 920.5%. What is even more interesting is that these numbers, amazing as they are, are still lower than January’s record revenue and handle.

The Iowa Racing and Gaming Commission reports that February’s sports betting revenue was $7.7 million. This is a huge increase from just $755,334 in the same month in 2020, but was also 31.8% lower than January’s $11.3 million record.

Serious Numbers

Online sports betting has amounted for $6 million in total revenue. Retail betting contributed with $1.7 million.

Iowa consumers have wagered $143.6 million on sports, which is an increase of 152.4% over last year’s February’s $56.9 million, but also down from January’s $149.5 million record.

Across various platforms, $125.2 million was wagered in February, compared to retail sportsbooks’ $18.4 million.

In February, players won $135.9 million in sports betting. Operators have paid $520,444 in sports betting taxes during the month.

The Pecking Order of Casinos

Penn National Gaming’s Prairie Meadows Racetrack and Casino, which operates William Hill’s sportsbook, was the best-performing operator in February, as the brand posted a $1.4 million in revenue of a $16.9 million handle.

Dubuque’s Diamond Jo Casino has a FanDuel sportsbook and came up second in revenue with $988,499. The casino had a state-high handle of 21.4 million.

DraftKings sportsbook in The Wild Rose Casino ended up in third place with $852,712 in revenue from a $19 million in wagers.

The only operator to post a loss in February was Q Casino, which made $2,135 less from sports betting $1 million handle.

Betfred Launch

In September last year, the final sportsbook launch in the state was that of Betfred USA Sports.

With the sportsbook launch came the single 100% match up to $200 special offer.

The launch, which coincided with the start of operations in Colorado as well, was commented by Betfred USA Sports’ COO, Bryan Bennet, like this:

“Launching Betfred Sports online betting in Colorado and Iowa in time for the football season is a significant milestone for us.”

Source:

“Iowa sports betting revenue rockets 920.5% YoY in February”, igamingbusiness.com, March 8, 2021.