Iowa Sports Betting Revenue Disappoints in April
Published May 16, 2021 by Elana K
Iowa sports betting dropped significantly in the month of April due to the end of NCAA March Madness and no other major sporting events.
Iowa sports betting dropped significantly in the month of April, with the Iowa Racing and Gaming Commission reporting a handle of $118.4 million, a 26.7% drop from March’s high of $161.4 million. This is the second-lowest handle since the $104.8 million of December 2020.
With the lower handle, operators took in less revenue. In March they collectively earned $13.5 million, but in April that figure dropped by 42.6% to $7.7 million.
Why Did Iowa Sports Betting Drop in April?
What went wrong in the Hawkeye state? The main reason for the big drop is that college sports seasons ended, including NCAA March Madness, a big attraction for Iowan bettors. Operators aren’t expecting a big increase any time soon. In fact, they expect a sort of plateau in the summer months when football and college sports are on hiatus.
Mobile Betting is King
Since Iowa did away with its requirement for in-person registration in January, the majority of bets have been placed via mobile. April saw the highest percentage of online betting at 88%, not including the months of the COVID pandemic when land-based casinos were shut down.
Operator Rankings
William Hill generated the largest handle at $35.7 million, beating out the duo of DraftKings and BetRivers, which generated $34.3 million in handle. The FanDuel and BetMGM sportsbooks posted a combined handle of $26.1 million, while the Diamond Jo in Dubuque generated $17.9M in bets.
Reaching a Milestone
Despite the disappointing month for Iowa sports betting operators, an important milestone was reached. With April’s intake of revenue, the all-time operator revenue surpassed the $100 million mark since sports betting was launched in August 2019.
