Iowa Sports Betting Revenue Surges by 113% in November

10.12.2024

Financial, Sports betting

Sports betting in Iowa achieved record financial results in November, surpassing all previous months in both revenue and handle since the state legalized sports betting in 2019.

Record Revenue for Iowa Sports Betting Operators

In November, sports betting operators in Iowa reported a handle of $315.2 million, marking a 6.8% increase compared to October and an 8.8% rise compared to November 2023. Of this total, approximately $294 million came from mobile betting.

This contributed to a 63% increase in revenue, reaching $30.1 million compared to October, and an impressive 113% year-over-year increase from November 2023.

November proved far more favorable for operators than October, with a hold rate of 9.3%, nearly three percentage points higher than the previous month.

The improved performance resulted in over $2 million in state tax revenue. Since the launch of Iowa’s sports betting market, total tax revenue has now exceeded $50 million.

Market Leaders in Iowa

Each of the seven largest online operators recorded increases in both handle and revenue compared to the previous year.

DraftKings continued its strong performance in Iowa, achieving record handle ($115.8 million) and revenue ($12.1 million)with a hold rate of 10.5%.

FanDuel also set monthly records, earning $8.6 million in revenue from a handle of $81.1 million, with a hold rate of 10.6%.

Caesars ranked third, with $2.2 million in revenue from a handle of $30.4 million, reflecting a lower hold rate of 7.2%compared to the top two operators.

Fanatics surpassed $1 million in monthly revenue for the first time in Iowa, achieving a hold rate of 10.3% with a handle slightly under $10 million.