Iowa’s legal sports betting operators weren’t used to November’s revenue numbers. Well, they got back on track in December.
The Hawkeye State generated a best-ever $26.2 million of revenue in the final month of 2023 on a $282.7 million handle, according to figures released by the Iowa Gaming and Racing Commission.
While the amount Iowans wagered in December dropped 2.5% month-over-month, profits grew a whopping 86.3%, thanks to a 9.3% hold.
That win rate jumped nearly 4.5 points from November, which broke a streak of four consecutive months of more than a 9.5% hold.
The mix of the NFL, college football, NBA, NHL, and college basketball in December was going to produce a solid month, but Iowa’s handle rose 23% year-over-year.
A month after not even reaching $1 million, the Hawkeye State filled its coffers with $1.8 million of tax revenue in December.
DraftKings dominates online again
Online sports betting made up 91.3% of Iowa’s December handle while retail sportsbooks generated $24.4 million in wagers.
A month after reaching $100 million for the first time, DraftKings led the Hawkeye State with a handle of $94.7 million in December while FanDuel was second at $67.6 million.
Caesars was third with a handle of $36.7 million, and in its first full month on the ESPN Bet platform, PENN Entertainment finished fourth at $18.9 million.
Summing up 2023
It was a good year for sports betting in the Hawkeye State.
Iowans wagered 3% more in 2023 than in 2022, finishing with a handle of $2.4 billion in the calendar year.
Operators enjoyed 20% more revenue year-over-year after hauling in nearly $200 million. The 12-month hold average stayed above 8%, and $13.4 million of tax money flowed into the state in 2023.
