Iowa Sports Betting Flourishes in January with Year-on-Year Gains

January Performance Insights

The sports betting landscape in Iowa saw a total handle of $259.5 million in January, an 11.1% increase from January 2023 but an 8.2% decrease from December’s $282.7 million. The majority of this, $238.4 million, was staked online, highlighting the predominance of digital betting platforms in the state. Retail sportsbooks contributed the remaining $21.1 million to the total handle.

Revenue for January stood at $22.1 million, surpassing January 2023’s figure by 33.9% but falling 16.0% short of December’s $26.3 million. Online betting was again the major revenue driver, accounting for $20.5 million, with retail making up the remaining $1.5 million.

Leading Operators in Iowa

FanDuel, in partnership with Diamond Jo Dubuque, led the pack with $8.0 million in revenue from $68.0 million in bets. DraftKings and Wild Rose Jefferson followed with $3.1 million in revenue, with their players spending $39.2 million on sports betting. Other notable contributors included Wild Rose Clinton and Wild Rose Emmetsburg, both partnered with DraftKings, generating significant revenue and handle in January.

The Players’ Wins and Tax Contributions

Players in Iowa won a total of $237.4 million during January, with $217.9 million won online and $19.5 million at retail locations. The state benefited from $1.5 million in tax revenue, contributing to the local economy and public funds.

Fanatics Betting and Gaming Enters Iowa

The sports betting scene in Iowa welcomed a new player as Fanatics Betting and Gaming launched its sportsbook, replacing the PointsBet brand at Catfish Bend Casino. This rebranding includes the installation of new betting kiosks and marks Iowa as the 12th state in Fanatics Sportsbook’s expanding US presence. Catfish Bend Casino reported $311,186 in revenue from $3.7 million in bets for January.

Commentary: A Robust Start Despite Seasonal Adjustments

Iowa’s sports betting industry has demonstrated resilience and growth at the start of 2024, with year-on-year improvements in both handle and revenue. While there was a slight month-on-month decline, such fluctuations are typical in the sports betting industry, often influenced by seasonal sports calendars and major sporting events. The entrance of Fanatics Betting and Gaming into the Iowa market signifies the dynamic nature of the industry and the potential for further growth and competition. As the sector continues to evolve, it will be interesting to see how new and existing operators adapt and innovate to meet the demands of Iowa’s betting enthusiasts.