Iowa Sports Betting Sees Soaring November Handle

Date: 2023-12-18 Author: Dima Zakharov Categories: SPORTS BETTING
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Iowa's Impressive November Betting Activity

In the world of sports betting, Iowa is making headlines once again. November witnessed an impressive surge in sports wagers, as players in the state placed bets totaling $289.7 million. This remarkable figure represents a substantial 17.1% increase compared to the same month in the previous year. Moreover, it stands as the highest monthly total since January 2022.

Surpassing Last Year's Figures

Breaking down the numbers, it's evident that Iowa's sports betting industry is thriving. In November 2022, the total handle was $247.5 million, making this year's November handle 13.5% higher. Furthermore, October 2023 also witnessed substantial growth with a handle of $255.3 million. The recent figures are setting a new standard for the industry.

Record-Breaking Total

The November 2023 figures are particularly impressive when compared to the record set in January 2022 when $303.3 million was wagered. Although nearly two years have passed since that milestone, Iowa's sports betting enthusiasts have demonstrated their continued passion for placing bets.

Online vs. Retail Betting

Of the total wagers, $265.8 million was bet through online operators, while $23.9 million was placed at retail sportsbooks across the state. The convenience of online betting continues to attract a significant portion of the market.

Notable Revenue Increase

In terms of revenue, operators in Iowa generated a total of $14.1 million in November. This represents a remarkable 143.1% increase compared to the previous year. However, it's important to note that November 2022 had multi-million-dollar winning payouts to US businessman Jim “Mattress Mack” McIngvale, which impacted the figures.

Shift in Revenue

Despite the substantial increase in revenue, November's figures lagged behind October 2023, where operators generated $21.2 million. The reason behind this dip is that consumers walked away with more winnings in November, totaling $275.6 million, compared to October's $225.3 million.

Market Leaders in November

Diamond Jo Dubuque and partner FanDuel maintained their lead in the Iowa market during November, generating $3.5 million in revenue from a total sports betting handle of $72.7 million. Wild Rose in Jefferson and DraftKings secured second place with $1.9 million in revenue from a $45.5 million handle. Meanwhile, Wild Rose in Emmetsburg, another DraftKings partner, took third place with $1.6 million in revenue and a $28.7 million handle.

Contributing to State Revenue

In November, sports betting tax contributions in Iowa reached $954,195, showcasing the industry's significant role in contributing to the state's finances. As Iowa's sports betting continues to flourish, it remains an exciting time for both enthusiasts and industry stakeholders.
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