Iowa's sportsbooks collected a sports betting handle in October that was 15.5% higher than in October 2023.
Across Iowa, sportsbooks handled $294.9 million, according to the Iowa Racing and Gaming Commission. The October sports betting handle marked a third consecutive month of growth in this field, after Iowa went from March to August without seeing any handle increases, posting jumps in August and September.
However, revenues from that sports betting handle slipped year-on-year despite the higher total, falling from $24.1 million to $18.4 million in a year. The $18.4 million collected in October 2024 also dropped by 32.8% from September.
Majority of casinos generate less revenue year-on-year
The decline in sports betting revenue was a state-wide problem, with only two operators posting an increase in year-on-year revenues. The Iowa Racing and Gaming Commission announces revenue numbers by land-based casino partners rather than the online sports betting brand.
Casino Queen Marquette saw revenues jump from more than $417,000 to $1.1 million, benefitting from a significantly higher handle.
Meanwhile, Riverside Casino and Golf Resort lost money on sports betting revenues in October 2023 but remedied that in 2024 with more than $35,000 collected.
Other Iowa sports betting operators weren’t so lucky, with two declaring revenue losses in October. Lakeside Casino’s sports betting operations lost $86. The decline was more significant at Grand Falls Casino Resort, where sports betting resulted in more than $12,000 in losses.
| Operator | October Handle | Revenue |
|---|---|---|
| DraftKings | $109.8 million | $7.1 million |
| FanDuel | $76.3 million | $5.7 million |
| Caesars | $28.0 million | $1.8 million |
| BetMGM | $20.2 million | $1.0 million |
| bet365 | $13.8 million | $1.1 million |
| Fanatics | $10.5 million | $201,808 |
| ESPN BET | $7.8 million | $247,374 |
Diamond Jo Dubuque brought in the most sports betting revenue of any operator in the state thanks to its partnership with FanDuel Sportsbook, generating around $5.8 million in revenue from a handle of $76.9 million (also the highest figure in the state).
Wild Rose supports retail DraftKings Sportsbooks at all its locations and also benefits from a partnership with the online betting platform. DraftKings Sportsbook is one of the most significant operators in the U.S. This is why its revenues across its three casinos are significantly higher than those of most operators, collecting around $1 million more than the nearest competitor.
Casino revenues also fall year-on-year
It wasn’t just sports betting revenues where Iowa experienced declines, with casino revenues also falling year-on-year. Revenues fell from $136.3 million to $133.1 million, thanks to a drop in wins per capita from $102 to $99.
Admissions to casinos increased and the hold from the spend on table games and slots remained broadly the same year-on-year. Casino visitors simply spent less year-on-year.
