The state of Iowa came into the NCAA Tournament represented by three teams. Despite none of the men's programs successfully advancing to the second round, that disappointment didn’t stop women's college basketball — and most notably Caitlin Clark — from helping jumpstart the state’s legal sports betting market in March.
The Iowa Racing and Gaming Commission reported that Iowa accepted $232.6 worth of bets last month, marking a 16.7% increase from February.
Meanwhile, Iowa's 18 operators saw their hold percentage jump from 6.1% to 8.5%, while net receipts nearly doubled to $19.8 million. Iowa’s tax revenue also increased by 40% to $1.29 million.
With local sports now in hibernation until the end of summer, Iowa sports betting is expected to see both its handle and revenue take a temporary dip.
Nearly every sportsbook in the green
18 online sports betting sites sharing less than $20 million does not sound ideal, especially with DraftKings and FanDuel combining for 59% of the state’s profits.
17 of the 18 operators drove a profit, but there is a huge gap dividing the betting market. Four sportsbooks made more than $1 million, while 11 sportsbooks came in with less than $150,000 in surplus.
In regards to handle, DraftKings stay atop the group, followed by FanDuel, Caesars, BetMGM, Barstool Sportsbook, and BetRivers. All of these operators saw more than $5 million in bets wagered.
