Sports Betting
In September, Iowa sportsbooks combined for 10.1% hold
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished4 hours ago on October 15, 2024
Last week, the Iowa Racing and Gaming Commission reported a record $27.5 million in sports betting revenue. State operators combined for a 10.1% hold against a $270.8 million handle. That was higher than their previous high of $26.2 million in December 2023. Iowa’s sports betting handle was up 10.2% and its revenue was up 14.2% year-over-year. Compared to their figures in August, wagering was up a whopping 62.2%.
This was the second time in the last three months that Iowa sportsbooks managed to have a double-digit hold. However, this is only the second time in state history that they’ve achieved the $200 million handle. The last instance of that happening was in September 2022 when sportsbooks had a 12.7% hold. Finally, Iowa collected $1.9 million in taxes and $10.6 million went to state coffers.
What Iowa sportsbooks were the most profitable in September?
In November 2023, DraftKings became the only sportsbook operator in Iowa to surpass $100 million in a monthly handle. With $108.4 million in September 2024, they passed $100 million for just the second time. Additionally, DraftKings became the first mobile sportsbook in Iowa history to have at least $10 million ($10.8 million) in monthly winnings. DraftKings had a 9,9% hold and surpassed $200 million in total revenue for Iowa.
FanDuel claimed $6.9 million in revenue from a 10.8% win rate in September. They collected $64.3 million worth of wagers and now have over $125 million in winnings in Iowa for all time. Caesars Sportsbook claimed $2.4 million in revenue from a $25.8 million handle. However, their handle and revenue figures were down compared to September 2023. Wagering was down 20.6% and revenue was down 6.3%.
BetMGM collected $1.7 million in revenue from a $19.8 million handle for an 8.6% hold. Their year-to-date revenue surpassed $10 million in Iowa. Bet365 collected $1.2 million in revenue from $11.3 million worth of wagers. It was the second time since September 2023 that the England-based sportsbooks had revenue over $1 million. Iowa’s $24.5 million in mobile revenue was an all-time high for the state. Breaking their previous best of $23.6 million in December 2023.
