The Iowa Racing and Gaming Commission has released its official sports wagering revenue report for March, displaying sports betting handle of $272.3m.
This marks a notable increase from the figures released in 2022, 17.1% – to be exact. Compared to figures from 2021 the results are even better, with the state's sports betting handle jumping 68.7% from $161.4m. The 2021 March Madness campaign was the first that bettors in Iowa could legally wager on since the 2020 season was cancelled due to Covid-19.
These latest figures indicate a positive recovery from the strain of the pandemic, displaying another yearly increase.
The state’s highest contributors were Diamond Jo’s Dubuque casino and Wild Rose’s Jefferson casino, generating sports wagering handles of $69.2m and $44.7m respectively. Further, FanDuel also reported record wagers for Louisiana State University and Iowa Women’s game – with viewership for this year’s Women’s Sweet 16 rising by 96% compared to statistics from the previous year.
Bettors in Iowa also celebrated a good month of winnings in March, with the win rate from wagers placed online via sports betting apps reaching 6.6%. The total winnings earned by online bettors was $235.4m, with the internet sports wagering handle hitting $251.9m.
Overall, revenue was down 8.4% when compared to March 2023, with the Hawkeye State collecting a $1.2m of tax for March 2024. This brings Iowa’s total state tax to $3.6m for Q1 2024.
These results follow the news of a recently approved bill to lower casino tax by Iowa legislators. An Iowa House panel decided in February that it would lower tax from its current rate of 22%, according to a report from the Iowa Capital dispatch.
