Iowa saw an impressive month-to-month increase in sports betting revenue in June. The state generated $8.4 million last month, up by 38% compared to $6.1 million in May. The total tax collected was $568,501.
While the revenue saw positive growth, the total sports wagering handle dipped again for the third month straight. Of over 2,100 casinos in the US, Iowa is home to 19 of them. They collected $111.2 million, down by 3.2% from May’s $114.9 million.
March saw the highest wagering handle so far, with $161.4 million, primarily due to March Madness.
The online and mobile handle equaled $95.1 million out of the $111.2 million, or 85.6%. It has been climbing every month since Iowa legalized sports betting in August 2019, becoming the first state in the Midwest and 11th overall.
Another reason for the increase in online gambling is the removal of required registration in physical casinos. That rule was in place for the first 18 months after sports betting legalization.
Who were the leading sportsbooks in the state? It’s a tight race for the top spot:
- William Hill: $36.649 million, 32.97% of handle
- FanDuel/BetMGM: $36.628 million, 32.95% of the handle
- BetRivers/DraftKings: $31.548 million, 28.37% of the handle
In the state, FanDuel and BetMGM operate under Diamond Jo casinos’ licenses. On the other hand, BetRivers and DraftKings operate under the Wild Rose casinos’ licenses.
Iowa has collected over $1.2 billion in total sports wagering handle so far this year. Net revenue equaled $89.97 million, and the state has collected $6.07 million in taxes so far.
While the summer is expected to be quiet, football, the sport that sees the most bets, starts back in the fall and will probably bring the wagers and revenues even higher.