Iowa sports betting revenue increased year-on-year in February, despite a decline in the state’s retail market.
The 14.3% growth compared to last year’s February figure saw revenue climb to $13.6m (£10.6m/€12.4m).
That’s comfortably higher than February 2023’s revenue figure of $11.9m. However, it still represented a steep month-to-month drop-off.
In January 2024, Iowa generated £22.1m, which was 38.5% higher than in February.
Online sports betting hit £13.8m in Iowa during February, though this figure was reduced by a retail loss of $215,241.
In terms of handle, Iowa bettors wagered an impressive $220.6m throughout the month. This total was a 13.8% increase on the previous year, but down 15% on January’s $259.5m handle.
Retail sportsbooks accounted for $16.7m of the state’s handle, while the remaining $203.8m came from online gambling.
Iowa Sports Betting Still Dominated By FanDuel & Diamond Jo Dubuque
The market leaders in Iowa sports betting continue to be FanFuel and Diamond Jo Dubuque, as has been the norm for some time. In February, their partnership managed revenue of $4.6m from $56.5m in total wagers.
Second place went to DraftKings and their partner, Wild Rose Johnson. They generated revenue of $2.2m, with players wagering $36.2m altogether across retail and online platforms throughout the month.
Just behind them in third was another DraftKings partner, sister property Wild Rose Clinton. With $2.0m in revenue from $28.8m, they beat another Wild Rose property, Wild Rose Emmetsburg, who followed on with $1.8m from $22.5m.
Debuting in Iowa in February was Fanatics, who have been gradually replacing the PointsBet brand across the nation. Their partnership with Catfish Bend Casino generated a modest $62,402 from $4.4m in wagers.
In total, players in Iowa won $206.6m in the month of February, while the state raked in $936,744 in taxes.
This figure is dwarfed however by the total tax figure paid by Iowa casinos. With 90.4% of all earnings coming from slot machines alone, casinos paid more than $28.1 million in taxes for the month.
That’s a monthly increase of 23.3%, but a slight year-on-year drop of 1.5%.
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