It may not be as good as November or December, but sportsbooks in January 2025 are starting on a strong note in Iowa.
The Iowa Gaming and Racing Commission reported that statewide operators took in $289.7 million in wagers to start the new year.
Usually, January builds on the success of the football season. That was the case for the Hawkeye State in 2021, 2022, and 2023, but after two straight years of January decline that may no longer be the case.
Compared to December, Iowa’s handle is down 1%. Revenue-wise things were much better for the state's legal online betting operators.
After paying out winning bets, the sportsbooks held 9% of their action, much better than last month’s 4.5%. That translated to their net receipts doubling to $26.2 million.
Retail books are still struggling, despite the statewide growth. Their handle was less than 1% of the market share and their $687,000 in net receipts was just a 3% hold. Diamond Jo Casino on the border of Iowa and Minnesota enjoyed the most action with $6.8 million in handle.
Rising tide lifts all boats
It may not be a win per se, because they are well behind the more popular sportsbooks, but Fanatics and ESPN Bet are certainly breathing a sigh of relief after December’s numbers.
Of the operators with at least $3 million in action, Fanatics and ESPN Bet are two of the three sportsbooks who enjoyed an increase in handle. On top of that Fanatics' revenue doubled, while ESPN Bet's grew 20 fold.
However, DraftKings was the true leader with nearly $100 million in handle and $10 million in net receipts.
Below are the sportsbooks who reported more than $3 million in handle.
| Mobile Operator | January Handle | Revenue |
|---|---|---|
| DraftKings | $98.1 million | $10 million |
| FanDuel | $74.4 million | $8.7 million |
| Caesars | $28.1 million | $1.9 million |
| bet365 | $19.9 million | $1.2 million |
| BetMGM | $19.8 million | $1.5 million |
| Fanatics | $11.3 million | $1.2 million |
| ESPN Bet | $9.4 million | $565,000 |
| Circa Sports | $3.4 million | -$54,000 |
| BetRivers | $2.4 million | $157,000 |
