Iowa's Sportsbooks Generate a Record-Breaking $25.4 Million in Revenue During September
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Iowa's sports betting market continues to thrive, with September 2022 marking a significant milestone. Revenue for the month reached a record-breaking $25.4 million, a 61.5% increase compared to the same period in 2021.
Leading mobile operators, such as DraftKings, FanDuel, and BetMGM, have played a significant role in this growth. BetMGM surpassed the $2 million mark in revenue for the second time since entering Iowa in January 2021, earning $2.2 million in September 2022. Mobile revenue for the year exceeded $100 million, a testament to the growing popularity of mobile sports betting in the state.
Iowa became the 12th state in the post-PASPA era to reach $25 million revenue in a month, further cementing its position as a key player in the sports betting industry. DraftKings and Caesars Sportsbook joined an exclusive club by surpassing $1 billion in all-time handle in Iowa during September 2022.
The overall hold on mobile wagering in September 2022 was a state-record 11.9%, indicating a favourable trend for operators. However, the retail hold for the same month decreased slightly from August's 21.5% to 18.6%.
Detailed data on the performance of mobile sports betting operators like DraftKings, FanDuel, and BetMGM for September 2022, in terms of handle, revenue, and win rate, was not directly provided in the sources. For precise statistics, it is recommended to consult Iowa Racing and Gaming Commission reports or operator filings.
Some notable achievements from September 2022 include DraftKings setting an all-time record for revenue by a mobile operator with $7.3 million. Barstool Sportsbook recorded a year-high revenue of $513,000, and ClutchBet made its first appearance in Iowa's revenue report, posting a 1.2% hold.
Brick-and-mortar revenue in September 2022 also saw a notable increase, jumping from $2.7 million to $4.2 million. Notably, Diamond Jo's sportsbook in Worth set a new state record with over $1.4 million in revenue for the month.
The win rate in Iowa for September 2022 was 12.7%, the third-highest in 38 months of wagering in the state. Some bettors were able to impact the results, as Catfish Queen paid out $6,052 more than the $114,021 accepted in bets, and Prairie Meadows had a loss of $34,661 on $961,973 handle.
The state's sports betting market has been growing steadily since its launch in August 2019, with both retail and mobile sportsbooks contributing significantly. The total monthly sports betting handle topped $300 million for the first time in January 2022, indicating a maturing and expanding market.
Iowa offers features such as remote registration and relatively low operator tax (6.75%), which are favourable to both users and operators. These factors, coupled with the market's consistent growth, suggest that Iowa's sports betting market will continue to be a key player in the industry.
- The finance sector has experienced an increase in profitability due to the thriving sports betting market in Iowa, with mobile operators like DraftKings, FanDuel, and BetMGM leading the business.
- The sports-betting industry in Iowa is seeing significant growth, with BetMGM earning $2.2 million in September 2022, marking a second time surpassing $2 million since entering the market.
- Mobile sports betting has become popular in Iowa, contributing to the state's sports betting market being responsible for a growing portion of the finance industry, with mobile revenue exceeding $100 million for the year.
