Iowa sports betting handle reaches record $161m in March

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Iowa sportsbooks set record handle in March, bringing in $161m of wagers.

Hawkeye State handle topped the previous record of $150m set in January. March wagers were up 8% from February handle of $144m.

Net receipts reached $13.5m, topping the prior record of $11.3m also set in January.

Iowa sports betting operators clearly benefited from the NCAA Tournament, even though the No. 2 seed Iowa Hawkeyes were upset in the second round. Sportsbooks also benefited from the Drake Bulldogs’ participation in March Madness. Drake won its First Four game before falling in the next round.

On the women’s side, Iowa and Iowa State both competed in the Big Dance, which led to five more games for bettors to wager on in-state teams.

William Hill, which partners with six sportsbooks in Iowa, led the state with handle of $49.5m including $43m wagered online.

Wild Rose, partners with DraftKings and BetRivers, placed second with $44.3m of handle. DraftKings was most responsible for Wild Rose leading the state in online handle of $43.7m.

Diamond Jo’s partnership with FanDuel and BetMGM netted handle of $42.8m, including $37.7m online.

Online wagers accounted for $139m, or 86%, of the month’s handle as well as $10.3m, or 76%, of net receipts. Mobile sports betting has taken off in Iowa since the state removed mandatory in-person registration rules in January.

The rise in online wagers has expectedly correlated with a drop in retail handle. Brick and mortar sportsbooks saw wagers of $22.1m last month, well below January’s high of $28.8m but up from February’s total of $18.4m.

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