Iowa sports betting revenue down YoY in June despite handle increase
Sports betting revenue in Iowa fell 21.4% year-on-year to $6.6m (£5.5m/€6.5m) in June, despite player spending in the state increasing by 10.1%.
Revenue was down from $8.4m in June 2021 and also 47.6% lower than $12.6m in May of this year.
Some $6.2m of this total was attributed to online sports betting, while just $340,552 came from players betting at retail sportsbooks across the state.
In terms of handle, consumers wagered a total of $122.4m on sports during June, up from $111.2m in the same month last year, but 17.2% down from $147.9m in May 2022.
Of this total, $111.9m was spent online, while the remaining $10.5m was wagered through retail sportsbooks.
Breaking down individual operator performance, Diamond Jo in Dubuque and its FanDuel sportsbook topped the revenue charts with $1.9m in sports betting revenue for the month, while its $31.0m handle was also the highest in the state.
DraftKings partner Diamond Jo in Worth was second with $1.0m in revenue and a $15.4m handle, then Wild Rose in Jefferson, also a DraftKings partner, with $746,039 in revenue from $15.7m in player bets.
The Iowa Racing and Gaming Commission also revealed that regulated sports betting activity in June generated $445,594 in tax revenue.
Last month, it was revealed that Betfred Sports had expanded its partnership with OpenBet and selected its digital and retail technology across its operations in Iowa.
Betfred’s Grand Falls Casino & Golf Resort sportsbook is now powered by OpenBet’s retail solutions including betting counters and self-service kiosks. Betfred will also utilise OpenBet’s digital technology and sports betting engine for mobile and online betting.
The two groups have already partnered for Betfred’s entry into the Arizona, Colorado, Louisiana and Pennsylvania regulated markets.