Iowa posts June sports betting handle slump, but revenues are up

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Iowa posts June sports betting handle slump, but revenues are up

Iowa posts June sports betting handle slump, but revenues are up

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Since Iowa posted a record sports betting in March, Iowa has seen its overall betting decline for the third straight month. It’s more of a reflection of the sports calendar, and a reflection of what other states have seen.

The $ 111.2 million bet in June was a 3.2% decrease from the sports betting trade of $ 114.9 million in May. March remains the standard with a total of $ 161.44 million for sports betting in Iowa.

Online sports betting in Iowa accounted for about 85% of the total market in June, down slightly from 87% in May. Online trading in June was $ 95.1 million, a 4.8% decrease from the $ 99.92 million registered online in May.

There are 18 casinos / sportsbooks in Iowa that accept bets in June.

Net income for June in Iowa was $ 8.4 million, up 37.4% from $ 6.13 million in May. According to the Iowa Racing and Gaming Commission, the state received $ 568,502 in taxes from sports betting in June, a 37.3% increase over the $ 414,175 in taxes collected in May.

Among the casinos, Prairie Meadows fetched a $ 19.5 million handle on a William Hill Sportsbook. Diamond Jo-Dubuque had a handle of $ 15.3 million, followed by Wild Rose-Jefferson ($ 14.6 million) and Diamond Jo-Worth ($ 11.4 million).

Iowa Sports Betting Revenue and Trade, June vs. May

Overall grip Mobile handle revenue
June $ 111.177 million $ 95.131 million $ 8.425 million
Can $ 114.883 million $ 99.916 million $ 6,133M
change Minus 3.2% 4.8% decrease 37.4% increase

Bally Bet enters the Iowa market

Bally Bet’s mobile sports betting offering went live in Iowa in late June. It was the second state that Bally Bet joined after it launched in the Colorado sports betting market in late May.

Bally’s Corp. plans to be launched in two other constitutional states by the end of the year.

In Iowa, Bally’s has a market access partnership with Elite Casino Resorts, which own Grand Falls, Rhythm City and Riverside Casino and Golf Resorts, a mobile sports betting skin. It also allows Bally’s to have more exposure to the Sinclair Broadcast Group’s local CBS and Fox TV subsidiaries in Iowa.

In early June, the Australian games company PlayUp announced that it was entering into a partnership with Caesars Entertainment for market access in Iowa. It will also be launched in the Indiana sports betting market and at iGaming in New Jersey. PlayUp said it has started the regulatory process in Iowa and is hoping to get started this year.

Waiting for the return of football

As mentioned earlier, the sports calendar plays a significant role in the management of a state. From September through the Super Bowl in early February, sports betting is fueled by fan interest in football, both in the NFL and in college.

Once the NFL season ends, bettors can look forward to March Madness bets. Once that ends, there will be a decline in US sports betting.

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