Iowa sportsbooks generate September handle of $210m
September’s handle broke the Hawkeye State’s previous monthly record handle of $161m set in March.
Iowa sportsbooks produced record September handle of $210m, marking the first time the state has surpassed $200m in sports wagers in a single month.
September handle was up 94.1% from August, a reminder of the significance of football in medium sized markets like Iowa. Handle was also up 191% year-on-year.
“The first full month of football was bound to cross new thresholds, and one of the most-watched Cy-Hawk games in history pushed the volume to another level,” said Russ Mitchell, lead analyst for Play Iowa. “By any measure, September was a remarkable month. And the future looks just as bright as the Hawkeyes remain among the nation’s best, teams of regional interest litter baseball’s postseason, and bettors become increasingly comfortable with online betting.”
Despite the record handle, revenue was $5.7m, a 13.5% decrease from August. The decline in revenue is the result of heavy promotional play related to the return of football season.
Iowa earned $513,000 in tax revenue from sports betting.
Caesars led the online market with $67m in handle but only collected $749 in revenue due to promotions.
DraftKings saw $64.8m in handle with revenue of -$1.9m.
“Following the removal of in-person registration requirements earlier this year, online sportsbooks have a unique opportunity to build on the momentum created by such a strong September,” Mitchell said. “Operators will work hard in keeping new bettors engaged, especially those who placed a bet for the first time for the Cy-Hawk game. Those operators that are successful in those efforts will lift their fortunes for months to come.”
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