Iowa sportsbooks have a mostly positive June
Wagers per day steady from May, operator revenue up 37.4%.
Sportsbooks in Iowa saw their overall handle decline for the third straight month in June, but pace of betting per day was the same as the month earlier and net operator revenue increased.
The Hawkeye State’s online and retail books saw $111.2m in wagers in June, down 3.2% from May’s handle of $114.9m. However, taking into account the extra day of action in May, June’s pace of betting was the same as the prior month, $3.7m per day, per official data released by the state.
Net operator revenue shot up to $8.4m in June, an increase of 37.4% from $6.1m in May.
The state government collected $568,501 in tax revenue in June, up from $414,000 the previous month, a jump of 37%.
In June 2020, the state’s sportsbooks handled just $12.7m in wagers and generated $620,740 in revenue thanks to a limited events calendar.
In June 2021, $95.1m in wagers were made online, or 85.6% of the state’s handle. Retail betting accounted for the remaining $16m, up from $15m million the previous month.
William Hill’s sportsbooks accounted for 33% of Iowa’s handle in June 2021 with $36.65m in total wagers, down slightly from $37.6min May. The operator said $34m of June’s wagers were made online, and it saw $1.8m in net receipts.
Wild Rose, which includes DraftKings and BetRivers, handled $31.5m in online and retail bets, with $2.5m in revenue. June’s handle was down from $33.8m in May and included $31.4m in online bets.
Diamond Jo, which has FanDuel and BetMGM, took in $26.6m in combined wagers, down from $27.6m the previous month, with $22.6m of June’s wagering happening online. The operator realized a market-best $2.6m in revenue.
End of fiscal year
June was the final month of Iowa’s fiscal year 2020-21. Despite pandemic-related closures and restrictions, not to mention cancellations of numerous sporting events in 2020, online and retail sports betting had a total handle of $1.2 billion, operators saw $90m in gross gaming revenue, and Iowa realized $6.1m in tax revenue.
According to analysts from PlayIA, Iowa’s growth over the past year has been “dramatic” in the shadow of Covid.
“The year brought significant challenges to Iowa’s sportsbooks, which made the results all the more impressive,” Jessica Welman, analyst for the PlayUSA.com Network, which includes PlayIA.com, said in a statement. “The best news is that with the pandemic’s effects on the industry waning, and online registration firmly in place, the last year is only a glimpse of Iowa’s true potential.”
Dustin Gouker, analyst for the PlayUSA.com Network, added, “With a lighter sports schedule and few local betting events to spur interest, Iowa won’t see significant growth in betting again until the football season. But there is no question the Hawkeye State is in good position, poised for a fall expansion when Iowa, Iowa State, and the NFL once again draw bettors to sportsbooks.”
Welman noted Iowa’s roster of online operators is growing, as Bally Bet went live in late June, the second market for the operator. She said a partnership between 888 Holdings and Sports Illustrated shouldeventuallybring the new SI Sportsbook to Iowa, and PlayUp Sportsbook confirmed plans to enter the market later this year.
“Iowa is far from reaching its ceiling as a market,” Welman assessed. “New operators clearly still see untapped potential in the state, and that speaks positively to where the market is heading.”
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