Sports Betting

Iowa Sports Betting Handle Posts $182M In May

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Iowa Sports Betting Handle Posts $182M In May

Iowa ended the month of May with $182.4 million in sports betting handle, down from $209.5 million in April and a record-setting $272.4 million handle recorded in March.

Iowa sports betting operators reported $165.7 million in wagering payout in May, down from April

Operators in the Hawkeye State cashed a total of $16.69 million in net receipts, propelling to a 10.9 win percentage hold, according to the Iowa Racing and Gaming Commission.

Iowa sportsbooks also reported $165.7 million in total sports wagering payout in May, down from $192.9 million in April. In other words, operators profited more last month.

The latest numbers from May bring Iowa sports betting to the following year-to-date results across retail and online wagering: $2.46 billion in handle, $199.76 million in total revenue, and $13.49 million in state tax.

Moreover, the total sports wagering handle increased from $186.3 million in fiscal year 2023 to $199.76 million through May 2024. This includes state tax revenue increasing from $12.8 million in 2023 to $13.4 million as well.

There are 18 online sportsbooks available for Iowa residents: Bally Bet, bet365, Betfred, BetMGM, BetRivers, Betway, Caesars, Circa, ClutchBet, DraftKings, DRF, ESPN BET, FanDuel, Hard Rock Bet, PointsBet, Q, SuperBook, and Tipico.

FanDuel and DraftKings were the most profitable sportsbooks in the Hawkeye State

In May, FanDuel and DraftKings were by far the most profitable sportsbooks in Iowa. FanDuel reported $61.3 million in handle and $6.5 million in revenue last month.

DraftKings finished the month with $72.4 million in handle and $6.07 million in revenue. Caesars and BetMGM were the only other sportsbook operators in Iowa that surpassed $1 million in revenue.

Caesars posted $22.4 million in total wagers and $1.8 million in profits, while BetMGM amassed $16.7 million in bets and $1.6 million in revenue.

Iowa totaled $1.12 million in state tax revenue in May. That’s about a thousand dollars more than in April.

On Aug. 15, 2019, Iowa became the 11th state and first in the upper Midwest to legalize sports betting.

After the U.S. Supreme Court overturned a federal ban on sports betting in 2018, the activity became legal in the Hawkeye State with the passage of HF 2497.