July’s numbers continue a downward trend in bets. The Hawkeye State’s handle has fallen month-over-month four straight times after March’s $233.5 million handle.
The dog days of summer continues to bite into America’s sports betting handle. Sports betting in Iowa has been trending lower for months, and July was no exception.?
The Iowa Racing and Gaming Commission reported that retail and mobile sportsbooks handled $108.5 million in wagers for July, down around 12% from June, but still 17% higher than last year.
While the handle dipped, July was more profitable for operators and the state’s coffers. The Hawkeye State took in $11.1 million in revenue, which is a hold of 10.2%, nearly double June’s 5.3% hold. July’s tax revenue bounced back from June’s 2022 low, hitting $754,291.
Of the 19 casinos that are tethered to an online sportsbook and have a retail option, only one lost money in July, the Casino Queen in Marquette.
When looking at just the breakdown of online legal sports betting, FanDuel led Iowa’s 17 operators in net profit. DraftKings was first in handle, and in payouts.
| Sportsbook | Handle |
|---|---|
| DraftKings | $26.5 million |
| FanDuel | $26.1 million |
| Caesars | $21.8 million |
| BetMGM | $10.8 million |
| Barstool | $3.2 million |
Massive jumps for Unibet and Betfred
While not in the Top 5, Unibet and Betfred had a tremendous month. Both their handles rose nearly 800% month over month. Unibet from $142,943 in June to $1.1 million in July, and Betfred from $136,093 to $1.6 million. For Unibet their payouts also dropped in July, technically giving the Kindred Group company a massive 93% hold percentage.
The reason for the off-balance numbers? Mattress Mack — the Texas furniture store owner and famous 2022 Houston Astros World Series bettor — increased his position yet again with the help of Unibet and Betfred, wagering $1 million with each operator. So, while these operators are showing a successful July in Iowa’s monthly report, that may flip on its head in October.
At the time of the $1 million wager, Betfred had the Astros +500 to hold up the Commissioner’s Trophy.
Our guy @MattressMack on the PJ in IOWA to bet 1 Million on the Astros to win the World Series (+500) @ BETFRED SPORTSBOOK !@BetfredSports ???? ???? ???? ??
— S Y L V A (@JasonSylva_) July 23, 2022
WE TAKE BETS! #Betfred https://t.co/a7tnGHqDL9
