Barstool Sportsbook app launches in Iowa

It is entering a crowded market dominated by bigwigs such as Caesars and DraftKings.

Iowa has become the 10th state to welcome Barstool Sports as a mobile presence. The announcement, which came on Tuesday, furthers a robust expansion for the Barstool app in the Midwest over the last year. In addition to Iowa, Barstool has moved into Illinois, Indiana and Michigan. 

Back in the Hawkeye State, the field of sportsbooks is becoming crowded, with 16 groups now operational. Just four weeks ago Circa sportsbook entered the market as well. 

The rapid growth of Iowa’s total handle has exceeded predictions, and September of this year set records with its total $210.4m wagered. Its October numbers, once published, are expected to make the state the eighth to cross the $2bn total handle threshold. About $1.2bn of that amount has been wagered in the first nine months of this year alone, growth helped by the expansion of the mobile handle which has climbed 16% in the last year, from 70.4% to 86.6%.  

The Iowa landscape into which Barstool must continue carving out a niche for itself is dominated by Caesars and DraftKings. Combined, these two operators have 70.4% of market share ($131.3m out of $186.5m mobile handle). Another $30.2m is taken up by FanDuel and BetMGM. 

Barstool Sportsbook has its work cut out for it in the state. That said, it has done a a worthy job of showing its mettle in already crowded markets. For instance, since launching in Indiana last May, the company has come in fifth in handle in each of the last three months.  

Cameron Saunders

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