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Overall, Iowa remains one of the great sports betting stories among states that have gotten into the business.
The state collected slightly more than $850,000 in monthly tax receipts. Also, the $4.2 million collected in the year’s first five months is roughly $1.1 million ahead of the same period in 2021. Year-over-year sports wagering handle is up 28.8%. While revenue was more than double the $6.1 million operators claimed last May.
The Hawkeye State launched sports betting in August 2019. Iowa is just $100 million away from becoming the 10th state to clear $4 billion for overall handle.
Iowa became the 11th state to surpass $1 billion in sports betting handle for 2022. The Iowa Racing and Gaming Commission reported wagers totaling $147.9 million for the month of May.
Despite the handle drop, revenue increased 1.9% higher from April to more than $12.6 million. It was also the first time the hold finished above the industry standard of 7% since July.
FanDuel did earn bragging rights for the most revenue with over $3.7 million. Its 12% hold was its second straight month in double digits and third above 12% in the last 11 months. DraftKings claimed $3.1 million in operator revenue. And then Caesars just cleared $2 million.
The sportsbook formerly known as William Hill long enjoyed a commanding market share in Iowa after the initial launch. Cause by its multiple retail locations that fed into its mobile presence. Also, the state-required in-person registration for mobile sports wagering access.
But that provision lapsed in January 2021, and Caesars, who took over William Hill, has since seen its market share gradually eroded. Consider that DraftKings, FanDuel, BetMGM, PointsBet, BetRivers, and Barstool are all now doing business in Iowa.
The gaming operator Wild Rose has three sportsbooks in the state. Wild Rose did take losses in its Jefferson and Emmetsburg locations in May. The Jefferson venue took the bigger hit, as bettors came out $32,009 ahead on slightly more than $191,000 wagered. That was the sportsbook’s biggest monthly loss in history. Meanwhile, the Emmetsburg venue finished under for the second time in three months. It paid out $5,730 more than the nearly $65,000 in accepted bets.
May marked the third consecutive month DraftKings finished atop the board in handle at $38.5 million. But FanDuel knocked Caesars down to third for the first time by accepting close to $31 million in wagers. Caesars finished with $30.1 million. BetMGM was the only other mobile operator to reach eight figures with more than $16.4 million.
BetMGM was fourth in both handle and revenue with $16.4 million and $1.6 million, respectively. Barstool rounded out the top five in both categories. Barstool claimed more than $316,000 in revenue from nearly a $5 million handle.
Ameristar in Council Bluffs did well on revenue with more than $360,000 from just under $3 million wagered. Diamond Jo’s brick-and-mortar sportsbook in Worth topped handle totals with more than $3.7 million. Diamond Jo’s also had a five-fold increase in revenue from April to more than $192,000.
