Iowa’s sports betting market saw a significant decline in revenue in November.
According to figures from the Iowa Racing and Gaming Commission (IRGC) sportsbooks in the Hawkeye State processed $59.3m in sports bets in November, up from $46.5m in October.
Bettors in the state wagered $33.7m via online sportsbooks while land-based sportsbooks processed $25.7m in sports wagers. Although Iowa’s market is still in its infancy the figures show that the gap between online betting and land-based sportsbooks is beginning to widen.
Despite the increase in handle, revenue declined to $3.6m in November, a significant decrease on the $5.7m generated the month prior. Land-based operations accounted for $2.1m of the state’s revenue, while online accounted for $1.5m.
Breaking down the figures
Looking closer at Iowa’s individual operators, the William Hill sportsbook at Prairie Meadows Racetrack and Casino continued to lead the market after generating just over $1m in revenue from $20.6m in sports wagers. Land-based betting operations accounted for $159,449 of its revenue while online betting contributed $879,136 to the operator’s revenue. Prairie Meadows was also the only sports betting operator in the state of Iowa to generate more than $1m in revenue in November.
The FanDuel-powered sportsbook at Diamond Jo Casino came in second place after handling $4.5m in bets and holding onto just $403,309 in revenue. Diamond Jo and FanDuel have yet to launch online sports betting operations in the Hawkeye State.
The Ameristar Casino in Council Bluffs, which is owned and operated by Penn National Gaming, came in third place after generating $343,339 in revenue from $4.5m in sports wagers.
Sports betting in Iowa
Governor Kim Reynolds signed Iowa’s betting bill into law back in May. With just 94 days between the signing of the bill and the launch of sports betting in the Hawkeye State, Iowa’s timeline to launch sports betting was one of the quickest in the US.
Under the state’s sports betting laws, residents and visitors must be at least 21 years of age and physically located within state lines before they can place a bet. Operators in the state are required to use geolocation technology to verify a customer’s location.
