Sports betting handle and revenue in the state of Iowa hit an all-time high in March 2021.
According to the latest figures from the Iowa Racing and Gaming Commission, bettors in the state wagered $161.4m on sports in March representing a new high for the state’s betting handle.
March’s handle was up 723.5% from the $19.6m wagered the same time last year and also beat the previous handle record of $149.5m that was set in January.
Revenue also surged in March with sportsbooks in the state generating $13.5m from sports betting. This marked a 1,025.0% year-on-year increase on the $1.2m generated in March 2020. Which was the same time the state’s casinos closed their doors due to the coronavirus pandemic.
March’s revenue also marks a significant month-on-month increase on the $7.7m generated in February 2021 and the previous record of $11.3m from January.
Players managed to win $147.4m back from the sportsbooks while operators in the state paid $908,011 in tax to the state.
Online betting dominates
Online betting activity continued to show strong performance in the state following the expiration of the state’s in-person registration requirement in January.
In March, online sports betting accounted for $10.3m of the state’s revenue after bettors wagered $139.4m on sports via online sportsbooks.
How did operators perform?
When looking at individual operators, Diamond Jo Casino in Dubuque, which is partnered with FanDuel, dominated the market in terms of revenue and handle. The venue generated $1.9m in revenue from $29m in bets.
Diamond Jo’s other property in Worth, which also hosts a FanDuel sportsbook, took second place after generating $1.8m from $13.8m in bets.
Meanwhile, the Wild Rose Casino Jefferson and its partner DraftKings processed $20.6m in bets and held onto $1.7m.
Penn National Gaming’s Prairie Meadows Racetrack and Casino, which is partnered with William Hill, processed $19.3m in bets and in turn, generated $1.3m in revenue.
When it comes to the online sports betting brands, William Hill, which is partnered with six casinos in the state, processed $43.7m in online bets.
DraftKings and BetRivers, which both have partnerships with the Wild Rose casinos in the state processed a combined $43.7m.
FanDuel and BetMGM, which are both partnered with the Diamon Jo casinos in the state made up $37.6m of the state’s online handle.
Sports betting in Iowa
Sports betting went live in Iowa in August 2019 with a law that forced bettors in the state to create and register their online betting accounts in-person at one of the state’s casino sportsbooks.
This registration requirement ended on 1 January 2021, paving the way for bettors to create sports wagering accounts remotely from anywhere within the state. It also means that online-only operators can enter the state, providing bettors with a wider selection of betting options.