Iowa sports betting numbers see sharp drop in June
Hawkeye State takes $122.4m in total bets while generating $6.6m in GGR
Iowa is hot off the heels of the month of June in which its sports betting numbers saw sharp drops across the board.
Sportsbooks in the Hawkeye State combined to generate $122.4m in sports betting handle, a 17.2% month-over-month (MoM) decrease from the $147.9m in total bets processed in May and its lowest overall total since August 2021.
Sports betting revenue endured an even more pronounced drop, with Iowa operators totaling just $6.6m in gross gaming revenue (GGR), down 47.9% from May’s $12.6m figure.
The last month in which the state failed to reach the $7m revenue threshold was October 2021.
Bettors fared much better this past month compared to May – evidenced by a decrease in the sportsbooks’ hold percentage from 8.5% to 5.4% – which helps explain the significant discrepancy between Iowa’s MoM handle and revenue decreases.
Online wagering continued to be the preferred method of placing wagers among Iowans, who staked just under $112m via mobile sportsbooks, which represented 91% of total handle.
On the operator side, FanDuel accounted for $30.6m in online handle and $1.92m in revenue. The US online leader has been near or atop the market in Iowa for most of 2022.
DraftKings wasn’t far behind its primary rival, generating $1.74m in GGR from a state-high $32.3m in online handle.
Rounding out the top three was Caesars, which handled $22.7m in online bets while amassing $912k in revenue.
For the month, Iowa operators produced just under $447k in tax payments back to the state.