Last week, the Iowa Racing and Gaming Commission reported a record $27.5 million in sports betting revenue. State operators combined for a 10.1% hold against a $270.8 million handle. That was higher than their previous high of $26.2 million in December 2023. Iowa’s sports betting handle was up 10.2% and its revenue was up 14.2% year-over-year. Compared to their figures in August, wagering was up a whopping 62.2%.
This was the second time in the last three months that Iowa sportsbooks managed to have a double-digit hold. However, this is only the second time in state history that they’ve achieved the $200 million handle. The last instance of that happening was in September 2022 when sportsbooks had a 12.7% hold. Finally, Iowa collected $1.9 million in taxes and $10.6 million went to state coffers.
What Iowa sportsbooks were the most profitable in September?
In November 2023, DraftKings became the only sportsbook operator in Iowa to surpass $100 million in a monthly handle. With $108.4 million in September 2024, they passed $100 million for just the second time. Additionally, DraftKings became the first mobile sportsbook in Iowa history to have at least $10 million ($10.8 million) in monthly winnings. DraftKings had a 9,9% hold and surpassed $200 million in total revenue for Iowa.
FanDuel claimed $6.9 million in revenue from a 10.8% win rate in September. They collected $64.3 million worth of wagers and now have over $125 million in winnings in Iowa for all time. Caesars Sportsbook claimed $2.4 million in revenue from a $25.8 million handle. However, their handle and revenue figures were down compared to September 2023. Wagering was down 20.6% and revenue was down 6.3%.
BetMGM collected $1.7 million in revenue from a $19.8 million handle for an 8.6% hold. Their year-to-date revenue surpassed $10 million in Iowa. Bet365 collected $1.2 million in revenue from $11.3 million worth of wagers. It was the second time since September 2023 that the England-based sportsbooks had revenue over $1 million. Iowa’s $24.5 million in mobile revenue was an all-time high for the state. Breaking their previous best of $23.6 million in December 2023.
