Iowa Sports Betting Handle hit $209.5 million in April 2024, down 23.1% from March

Per the Iowa Racing and Gaming Commission (IRGC), the state’s sports betting handle in April 2024 was $209.5 million. That is a year-over-year increase of 21.4% and down 23.1% from the previous month. Iowa saw $272 million bet in March 2024. That was their sixth-highest total in state history. With a 7.9% hold across all sportsbooks in Iowa, the state had $16.5 million in adjusted sports betting revenue. 

The state received $1.1 million in tax receipts. Making their yearly total $4.8 million through the first four months. Since online wagering has been legal in Iowa, the state has a $2.3 billion handle, $183.1 million in total revenue, and $12.4 million in tax revenue. Despite April 2024 being lower than other months this year, it was still a year-over-year improvement from April 2023.

What online sportsbooks in Iowa were the most profitable in April 2024?

In Iowa, 19 active operators accepted $196.6 million worth of bets in April 2024. DraftKings posted an 8.5% win rate and a $73.1 million handle. Good enough for $6.2 million in winnings. Another major competitor in the online market is FanDuel. They had a 10.1% hold in April 2024 and a $57.4 million betting handle. FanDuel made $5.8 million in revenue. Luckily, FanDuel avoided a third straight month of having a single-digit win rate. ESPN Bet had a 10.2% hold in April 2024 for a betting handle of $7.5 million. 

For the third straight month, Caesars was held to a sub-5% hold. They had a total betting handle of $20.6 million and made $964,000 in total revenue. BetMGM had a betting handle of $14,7 million with a 6.4% win rate. Giving them $934,300 in revenue. Bet365 rounded out the top five online sportsbooks in April 2024 in March. They had a betting handle of $8.7 million with a 6.9% hold and $605,000 in revenue. 

Physical Casinos in Iowa failed to reach $1 million in collective revenue in April 2024. That was the second time in the last four months that’s happened. Their best month in 2024 was February with a $12.9 million handle across all 19 retail sportsbooks in Iowa. Is the success of online sportsbooks in Iowa hurting their retail casino locations?