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Sports Betting in Iowa Continued to Grow: New Handle Record Set in October

Sports betting in Iowa continued to grow in October. With numerous sportsbooks offering unique promotions on their platforms across the state, and with football establishing itself once again, Iowa’s sports betting handle record couldn’t even last a whole month. Iowa’s sportsbooks took in a record of $280 million in wagers for the month.

A 33.5% increase in October

In September, the previous all-time high of $210.4 million was short-lived due to the busy sports schedule. October’s recently released numbers signify that the monthly wagered numbers went up approximately $70 million or 33.5 percent. When looking at the year-to-date figures were up 243 percent from 81.9 million in total wagers.

Mobile sports betting played a big role in these record numbers as the online sports betting handle also set a record in October with the apps in $250 million in wagers. The numbers were up 34% from September’s previous record of $186.5 million and 339% higher than October 2020’s, which came out to be $56.9 million.

Five weekends of NFL and college football action brought year-to-date wagering to $689.3 million for the current fiscal year that began on July 1.

It also brought in state tax revenue from the activity that accounted for nearly $1.81 million, with October’s $514,642 collection on $6.56 million in net revenue for the licensed sportsbooks, according to Racing and Gaming Commission Administrator Brian Ohorilko.

Revenue drops by 28% over 12 months

Iowa’s sports betting industry has brought in $6.6 million in revenue, 14.7% more than September’s $5.7 million. However, over the course of a year from last October, revenue has decreased from $9.1 million, which equals to -27.8 percent.

On the other hand, state taxes from sports betting in October came to $514,642, up 0.3% from September’s number of $512,951 and a decrease of 16% from October 2020’s figure of $612,967.

Racing and Gaming Commission Administrator Brian Ohorilko went on to say;

We’re right in the thick of things right now in terms of the busiest time for sports operators,” he noted, with the professional hockey and NBA and college basketball all launching their 2021-22 seasons…“We’re not really sure where the numbers will settle,… “It’s always possible that we could continue to see growth this fall and into the winter.

The sportsbooks in Iowa accepted and collected more money in the last three months than in 2020. $599.8 million compared to just $575.2 million for last year combined.

Casinos report record handles

With the latest launches in the state that include Fubo Sportsbook and Barstool Sports, all 19 casino locations in the state will have both retail and online sports gambling.

When comparing all the casinos’ numbers across the state, Isle Casino in Waterloo had the highest handle for two straight months, taking $47.3 million in wagers in October and 33.6 million in September. Isle Casino also has a partnership with Caesars Sportsbook.

Diamond Jo Dubuque sat right behind Isle Casino with a $39.4 million handle after taking in $27.9 million in September. The Diamond Jo facilities are partners of FanDuel Sportsbook in Iowa.

Coming in third is Wild Rose in Jefferson, as they collected a betting handle of $35.4 million in October and $27.8 million in September. Wild Rose has extended its partnership with DraftKings.

Iowa was the first state to announce that it had achieved record sports betting handles in both September and October. At this moment, eight states have reported record handles in September across the United States.

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