The state of Iowa witnessed a significant uptick in sports betting activity in March, with spending from players reaching a formidable $272.4 million. This impressive figure stands 17.1% higher compared to the $232.6 million reported in the same period last year and marks an increase of 23.5% from February’s $220.6 million.
The online sports betting sector showed a robust performance, with the online handle in March hitting $254.2 million. Meanwhile, retail sportsbooks throughout the state contributed an additional $20.4 million to the overall betting handle for the month.
Contrary to the surge in player spending, sports betting revenue failed to follow suit, experiencing a slight downturn. Revenue pulled in during March amounted to $18.2 million, which, whilst experiencing a 52.8% increase from February’s $11.9 million, still represented a decline from the $19.9 million recorded in the previous year.
When looking at the breakdown of revenue sources, online sports betting contributed the lion’s share with $16.5 million, while the revenue generated by retail betting venues accounted for $1.7 million of the total.
In the competitive landscape of Iowa’s sports betting market, FanDuel, in partnership with Diamond Jo Dubuque, continued its reign as the market leader. March proved to be another successful month for the partnership, bringing in a sizable $5.3 million in revenue off the back of $69.2 million in total bets placed.
Maintaining its second-place position, DraftKings, alongside partner Wild Rose Jefferson, reported a commendable revenue of $2.9 million for March, with players spending a total of $44.8 million on sports betting across both the online platform and the retail locations.
Not too far behind, the DraftKings partnership with Wild Rose Clinton secured third place, bringing in revenue of $2.2 million and a total sports betting handle of $32.6 million. Wild Rose Emmetsburg, DraftKings’ partner and another Wild Rose property in Iowa, was hot on the heels with revenue nearing $2.0 million from $27.9 million worth of bets.
Diamond Jo Worth, sharing its partnership with FanDuel akin to the Dubuque property, also reported positive figures. In the month of March, the establishment generated $1.4 million in revenue from a cumulative $21.7 million in total wagers.
Apart from the operators’ earnings, players in Iowa had their share of wins, taking home a combined $254.2 million over the course of the month. Meanwhile, the state of Iowa benefited from the increased betting activity, having collected $1.2 million in tax proceeds from the sector.
In conclusion, although March presented a paradox where an increase in sports betting handle did not translate into higher revenue for operators, the escalation in player engagement signals a healthy and growing market in Iowa. The diverse range of options, from online to retail sportsbooks, appear to cater well to the demand of bettors within the state. The competitive margins, strategic partnerships, and the enthusiastic response of players seem to set the stage for ongoing growth in the sports betting domain in Iowa. As market dynamics continue to evolve and mature, stakeholders remain watchful of trends that will shape the future of sports betting in the Hawkeye State.
