Iowa sports betting disappointed again in July, with overall revenue decreasing for the fourth consecutive month. In July, Iowa sportsbooks took $88.9 million, a 20% decrease from June’s $111.2 million. Not only did sports betting set a record low in Iowa in July, but it set a record low for the entire sports betting industry in the U.S.
July Sports Betting Activity
The most bet on sports in Iowa in July were baseball and basketball. While the Olympics were on the table, they were limited by Iowan rules that prevent betting on events featuring athletes under the age of 18.
Out of July’s total handle, $77.9 million in bets were placed online, while only $11 million were placed in retail sports betting venues.
Caesars Sportsbook generated the lion’s share of July’s revenue, with 31.1 million in wagers, or 35% of the handle. Wild Rose came in second with $25.2 million in handle, and Diamond Jo rounded out the top three with $21.4 million in wagers.
The Traditional July Slump
Since online gambling was allowed on a state-by-state basis in May 2018, July has traditionally been the slowest month (not including 2020, in which all the annual data was skewed due to the pandemic). Some analysts attribute the slump to the season itself, with people being on vacation and busy with other summer activities.
Both operators and regulators expect to see an increase in September, when football season starts.
Since sports betting was legalized in Iowa two years ago, casinos have generated $1.7 billion in wagering, which generated $122.8 million in gross gaming revenue and $8.3 million in state taxes.