Iowa Sees Increase Of 11% In Sports Betting From January 2023
Iowa Sees Increase Of 11% In Sports Betting From January 2023
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January saw total consumer spending in Iowa reached $259.5 million in sports betting, marking an 11.1% increase from the same period last year. However, compared to December, the handle experienced a slight decline of 8.2%.
Breaking down the figures, $238.4 million was spent on online sports wagering, while the remaining $21.1 million was bet at retail sportsbooks. This demonstrates the increasing popularity of online platforms for sports betting in the state.
When it comes to revenue, January saw a total of $22.1 million, representing a 33.9% increase from last year. However, it fell short by 16.0% compared to the previous month’s revenue of $26.3 million. Online wagering accounted for the majority of the monthly revenue, with $20.5 million, while retail sportsbooks contributed $1.5 million.
In terms of individual operators, FanDuel and Diamond Jo Dubuque emerged as the frontrunners in the Iowa sports betting market. The partnership between these two entities generated an impressive $8.0 million in revenue from $68.0 million in bets during January. Their dominance in the market showcases the popularity of their offerings among sports bettors in Iowa.
DraftKings and partner Wild Rose Jefferson followed closely behind, securing the second position with a revenue of $3.1 million for January. The partnership attracted $39.2 million in bets, both online and retail combined. Another Wild Rose venue in Clinton, also partnered with DraftKings, claimed the third spot with a revenue of $2.7 million and a monthly handle of $29.8 million.
The rise of online sports betting platforms has undoubtedly played a significant role in the overall growth of the Iowa sports betting market. Online wagering accounted for a substantial portion of the monthly revenue, and the convenience and accessibility it offers have attracted a large number of bettors.
Fanatics Betting and Gaming (FBG) recently announced the launch of its sportsbook in Iowa. This move further solidifies the online presence in the state. Fanatics is replacing the PointsBet brand, marking the 12th state for the Fanatics Sportsbook. The rebranding of the existing PointsBet retail sportsbook at Catfish Bend Casino as a Fanatics Sportsbook is expected to attract even more bettors to the online platform.
