Iowa’s Revenue Unchanged as Betting Handle Sees Slight Uptick in October

The Iowa Racing and Gaming Commission announced that the Hawkeye State accepted $255.2 million in bets last month.

Last Updated: Nov 15, 2023 11:34 AM ET Read Time: 4 min
Deacon Hill Iowa NCAAF
Photo By - USA TODAY Sports

After Iowa’s massive monthly boost in betting action in September, the state's October numbers ticked up only slightly.  

The Iowa Racing and Gaming Commission announced that the Hawkeye State accepted $255.2 million in bets last month, just 3.8% more than the $245.7 million in September. While there is still growth, last month’s increase was much lower than the 74% monthly jump in September.  

From the $255 million, bettors won $231.1 million, leaving sportsbooks with a combined $24.1 million of gross profit. The hold percentage fell slightly from 9.7% to 9.4%, which means that despite nearly $10 million more in bets, revenue stayed relatively unchanged.  

Since statewide revenue barely changed, so too did the tax bill. Like in September, $1.6 million in taxes were reported in October.  

Iowans still love to be online with 90.7% of the statewide handle coming from the state's mobile operators. And those betters saw higher payouts. Online sportsbooks only retained 9.2% of their bets, while the retail locations reported a hold of 12.8%. 

DraftKings the top operator despite little growth 

DraftKings maintained its lead over the state’s other 16 sportsbooks with a handle of $93.9 million. However, their month-over-month growth was just 1.3%. FanDuel closed that gap with $61.1 million in bets, an 18.8% jump.  

Caesars Sportsbook remained in third place with $30.4 million, a slight decline from the $32.4 million in September. BetMGM also saw fewer bets as the book's handle was just $16 million, compared to the $17.1 million the previous month. No other operator saw more than $10 million in wagers. 

Pages related to this topic

Popular Content

Covers 25 Years Logo Established in 1995,
Covers is the world
leader in sports
betting information.
Covers is verified safe by: Evalon Logo GPWA Logo GDPR Logo GeoTrust Logo Evalon Logo