Iowa’s sports betting operators cashed a total of $12.4 million in net receipts, totaling an 12.5{37471d21a8c4ca072ce05e5c1dfbdaec01ff2ef8391827b0199be0aecce32fae} hold rate. Operator revenue still decreased in June.
Iowa’s sports betting wagering total in June was recorded at $146.6 million, down from $182.4 million in May.
Even with the decline in Iowa’s total betting handle, sports betting operators in the Hawkeye State hauled in a total of $12.49 million in net receipts, resulting in an increased 11.7 win percentage (hold), per the Iowa Racing and Gaming Commission’s (IRGC) monthly report.
This can be attributed to fewer sports wagering payouts in June, dropping to $134.1 million in June from $165.7 million in May. Iowa sportsbook operators earned $3.8 million less in June compared to $16.69 million in generated revenue during May, but the hold rate increased by .08 percent due to fewer wins by Iowa sports bettors.
Iowa recorded $843,000 in state tax revenue in June, earning $276,600 less compared to May.
June’s sports betting numbers in Iowa result in the following fiscal year-to-date totals for retail and online wagering:
- $2.61 billion in handle
- $212.25 million in total revenue
- $14.34 million in state tax
Yearly comparisons
Data from Iowa’s fiscal year-to-date sports wagering handle net receipts and total tax revenue has increased since 2023.
The total Iowa sports betting handle rose from $2.24 billion in fiscal year 2023 to $2.61 billion. Through June, the total sports wagering handle increased from $186.3 million in fiscal year 2023 to $212.2 million through June 2024. State tax revenue increased from $12.8 million to $14.3 million in 2024.
Top earning operators
| Operator | June Handle | Revenue |
|---|---|---|
| DraftKings | $52.9 million | $4 million |
| FanDuel | $33.7 million | $4.2 million |
| Caesars | $15.9 million | $937,000 |
| BetMGM | $12.5 million | $923,000 |
| bet365 | $6.8 million | $668,000 |
| ESPN BET | $4.8 million | $403,000 |
DraftKings and FanDuel once again earned the most profit amongst Iowa sportsbook operators in June. While DraftKings operators received a bigger handle at $57.6 million, FanDuel wound up generating $5.2 million in revenue across their online and retail sportsbook locations.
DraftKings hauled in $4.3 million, earning roughly $900,000 less in total revenue during June. Caesars managed to earn more than $1 million in revenue during June, while BetMGM fell below $1 million in revenue after finishing with $1.6 million in revenue during May.
ESPN BET and bet365 both saw their total betting handle regress in June, however, bet365 still wound up with a $19,000 increase in revenue. ESPN BET, meanwhile, fell from $900,500 in May down to $647,300 in June, marking more than a $250,000 loss in revenue.
Latest Iowa betting news
Sports bettors in Iowa will have certain sports betting regulations enforced when it comes to placing wagers on the upcoming 2024 Summer Olympics.
The IRGC has released an update on several betting rules for this event, including the prohibition of betting on a country’s total medal count. Bettors in Iowa cannot place a futures bet on which country will win the most gold medals. They also cannot wager on the total number of gold medals a country will win, extending to certain disciplines.
IRGC also prohibits betting on Olympic athletes under the age of 18 in individual events. However, in team events, like tennis, markets will be offered with an athlete on a team under 18 years old. No prop wagers are available for any athletes under 18 at Iowa sportsbook operators.
