Iowa sports handle breaks monthly record (again)
November saw $290m in wagers.
In what is becoming the theme of the autumn, Iowa was yet another state to shatter monthly sports betting numbers. Both its betting handle and revenue reached new heights.
About $290m was wagered in the Hawkeye State, while revenue went up to $19.7m.
If Iowa maintains a strong performance through the month of December, the state is on track to hit a $2bn betting handle for the year.
These numbers have largely been attributed to an active sports calendar through the month: college and professional football are in full swing, the NHL season has begun, but, most important may be the commencement of the professional basketball season, which is gaining popularity among bettors.
The growth has been staggering. The state’s online and retail sportsbooks were up 229.5% year-on-year, from $87.2m last November to $287.2m. And November’s numbers were up 2.3% over the previous record holder of October, 2021.
Daily, bettors averaged $9.6m, up from the $9.1m of the month prior.
Revenue rise was similarly dramatic on a year-on-year basis, up by 142.5%, from 8.1% the previous November.
Many attribute the growth to ending requirements surrounding in-person registration at the beginning of this year, but the sheer numbers of the last three months have caught many industry observers off guard. Each of the last three months have been record-breaking.
Of the companies benefitted the most in the online sphere, Caesars topped the market with $104m in wagers, followed by DraftKings at $75m. They both had a revenue of $4.7m and $4.2m respectively.
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