Iowa Sports Betting Revenue Surges to $13.5 Million in August

In the world of sports betting, Iowa has made headlines once again as its revenue reached a staggering $13.5 million in August. While this represents a 6.2 percent decrease compared to the same month last year, it marks a significant 27.4 percent increase from July 2023 when the revenue stood at $10.6 million.

Breaking down the figures, it's clear that online wagering played a major role, contributing $11.6 million to the total, while retail betting added $1.9 million to the pot.

The total sports betting handle, which represents the total amount wagered, reached an impressive $141.2 million. This is a remarkable 15.2 percent increase from August 2022, which had a handle of $12.6 million, and an even more astonishing 28.7 percent rise from July 2023. When we look at the breakdown between online and retail betting, online betting accounted for the lion's share with $131.9 million, while retail spending reached $9.4 million.

Taking a closer look at some of the key players in Iowa's sports betting scene, Diamond Jo in Dubuque, along with its FanDuel sportsbook, reported $3.6 million in revenue and a handle of $27.6 million. Meanwhile, Wild Rose in Jefferson, in partnership with DraftKings, registered $1.8 million in revenue and a $20.1 million handle. Another Diamond Jo establishment, this one in Worth and also in collaboration with DraftKings, generated $1.7 million in revenue from $18 million in wagers. Wild Rose Clinton posted $1.3 million in revenue from $23.8 million in bets, and Wild Rose Emmetsburg reported $1.2 million in revenue from $13 million in wagers. Both of these establishments are partnered with DraftKings.

In terms of sports betting tax revenue for August, the total amounted to $911,669, while players walked away with a substantial $127.8 million in winnings.

In addition to the sports betting news, the Iowa Lottery has achieved remarkable success, registering a record $481.5 million in lottery sales for the fiscal year 2022-2023, which concluded on June 30. The lottery also awarded $305.3 million in winnings to lucky players and contributed a record $108.2 million to important state causes.

Sales for the Iowa Lottery increased by an impressive 11.3 percent compared to the previous year's total of $432.7 million, with proceeds to the state increasing by 10.5 percent. Notably, the top seven stores for retail sales were all Hy-Vees, with six of them located in Cedar Rapids. The largest prize won in the past year was a jaw-dropping $40 million Lotto America jackpot, and there were seven other million-dollar winners.