The Iowa Racing and Gaming Commission has released its latest monthly revenue report revealing that the state’s licensed sports betting operators took in over $289.6 million in wagers during the month of November.
The latest figures mark an increase of 13.7% compared to the previous month’s handle of $255.2 million and a 17% increase year-on-year. This was the second highest total wagering amount in a single month in the state, falling short of the $303 million record set in January 2022.
Mobile sports betting accounted for 91.75% of all wagers as online sportsbooks accepted over $265.8 million in wagers. This brings brings the year-to-date Iowa sports betting handle for 2023 to just over $2.13 billion, slightly higher than the $2.11 billion recorded in the first 11 months of 2022.
Despite reporting the highest sports betting handle of the year, sportsbooks combined to generate $14 million in revenue from a win percentage of 4.86%. This was a 41.9% decrease from the previous month but a 141.3% jump year-on-year. So far in 2023, sportsbooks have generated $172.5 million in revenue, a 19.1% increase on the same period in 2022.
DraftKings Remains on Top
DraftKings is once again the market leader for both the overall market and the mobile sports betting market with over $4.8 million in revenue from $107.7 million in wagers. Just under 37.2% of all wagers were placed through DraftKings mobile and retail sportsbooks.
The retail sports betting market leader for the month of September was Diamond Jo Worth which reported revenues of just over $302,772 from $6.9 million in wagers.
Taxes Down by 40%
November saw the state collect $954,195 in taxes from sports wagering. This was 40% less than the $1.5 million collected in November 2022. This brings the year-to-date total to just over $11.5 million. Iowa has now collected over $36.8 million in taxes since sports betting first launched in August of 2019.
Historical Sports Handle, Revenues & Taxes in Iowa
| Period | Total Handle | Mobile Handle | Mobile Handle % | Sportsbook Revenue | Win % | State Taxes |
|---|---|---|---|---|---|---|
| Jan 2023 | $233,619,612 | $207,674,196 | 88.89% | $16,543,361 | 7.08% | $1,081,365 |
| Feb 2023 | $193,879,638 | $176,196,513 | 90.88% | $11,871,156 | 6.12% | $789,626 |
| Mar 2023 | $232,614,150 | $208,995,594 | 89.85% | $19,857,210 | 8.54% | $1,296,262 |
| Apr 2023 | $172,589,394 | $157,530,402 | 91.27% | $14,117,868 | 8.18% | $958,605 |
| May 2023 | $147,715,126 | $135,181,455 | 91.51% | $16,599,871 | 11.24% | $1,060,059 |
| Jun 2023 | $115,595,593 | $105,728,089 | 91.46% | $7,131,173 | 6.17% | $570,976 |
| Jul 2023 | $109,680,895 | $101,297,786 | 92.36% | $10,568,989 | 9.64% | $713,772 |
| Aug 2023 | $141,295,039 | $131,920,797 | 93.37% | $13,507,280 | 9.56% | $911,670 |
| Sep 2023 | $245,759,020 | $222,346,243 | 90.47% | $24,059,083 | 9.79% | $1,623,694 |
| Oct 2023 | $255,293,522 | $231,789,985 | 90.79% | $24,189,825 | 9.48% | $1,636,357 |
| Nov 2023 | $289,698,466 | $265,806,185 | 91.75% | $14,090,776 | 4.86% | $954,195 |
| Totals | $2,137,740,455 | $1,944,467,245 | 91.15% | $172,536,592 | 8.24% | $11,596,581 |
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.