Iowa Sports Betting Handle Declines in July, But Revenue Increases

Revenue Increase

Despite this decline in the overall handle, sportsbooks in the state managed to increase their revenue, benefiting from a higher hold rate.

Iowa sportsbooks reported $13.8 million in gross revenue, up from June’s $12.5 million.

As a result, the state’s tax revenue from sports betting also saw an increase, with $936,000 added to state budget in July.

DraftKings Domination, ESPN BET Struggles

DraftKings continues to dominate the Iowa sports betting market, leading all operators with a handle of $53 million and generating $4.8 million in revenue. FanDuel follows as the second most popular sportsbook in the state, with a handle of $31.6 million and $3.9 million in revenue.

Caesars and BetMGM also remain key players, though their market shares are smaller, respectively $14.8 million with $1.3 million in revenue and $11.3 million, resulting in $1 million in revenue.

Interestingly, bet365 has quickly gained a foothold in the Iowa market, with a handle of $6.1 million and $620,000 in revenue in July.

This performance puts bet365 ahead of both Fanatics as well as ESPN BET – a brand many expected to make a strong impact due to its association with the sports media giant. However, the operator has been underperforming relative to its competitors, reporting a handle of $4 million, with $457,000 in revenue.