Iowa Sports Betting Sees Growth Despite Retail Losses
Date: 2024-03-17 Author: Dima Zakharov Categories: SPORTS BETTING
Sports Betting Revenue Soars
In February 2024, Iowa witnessed a notable surge in sports betting revenue, reaching $13.6 million, marking a significant 14.3% increase compared to the previous year. This remarkable growth occurred despite a downturn in retail sales within the market.
Online Dominance
Online sports betting was the primary driver behind this surge, accounting for $13.8 million of the total revenue. However, this figure was slightly tempered by a $215,241 loss in the retail sector.
Handle Insights
Throughout February, Iowa's sports enthusiasts wagered approximately $220.6 million, showcasing a 13.8% rise from the previous year. However, this figure represented a 15.0% decrease from January 2024, where the total handle stood at $259.5 million.
Market Leaders Maintain Position
FanDuel and Diamond Jo Dubuque maintained their dominance in the Iowa sports betting landscape. Their partnership yielded $4.6 million in revenue from $56.5 million in wagers during February.
Runner-Ups and New Entrants
DraftKings and Wild Rose Jefferson secured the second spot with $2.2 million in revenue from $36.2 million in wagers. Notably, February welcomed the debut of Fanatics in Iowa, although its revenue from the Catfish Bend Casino partnership amounted to a modest $62,402 from $4.4 million in wagers.
Win-Win Situation
While Iowa players pocketed a hefty $206.6 million in winnings, the state also collected $936,744 in taxes, further solidifying the lucrative nature of the sports betting market in the region.
