May’s sports betting wagering total in Iowa came in at $182.4 million, down from $209.5 million in April and a record-setting $272.4 million handle recorded in March.
Despite the continued decrease in Iowa’s total betting handle, Iowa sports betting operators cashed a total of $16.69 million in net receipts, rising to a 10.9 win percentage (hold), the Iowa Racing and Gaming Commission reports. While the operator revenue stayed virtually the same as April, the hold rate rose 3% due to a smaller sports wagering payout. May’s total sports wagering payout was recorded at $165.7 million, down from $192.9 million in April, making it a more profitable month for sportsbook operators in the Hawkeye State.
Iowa totaled $1.12 million in state tax revenue in May, roughly a thousand dollars more than in April.
May’s numbers bring Iowa sports betting to the following year-to-date results across retail and online wagering:
- $2.46 billion in handle
- $199.76 million in total revenue
- $13.49 million in state tax
Yearly comparisons
Fiscal year-to-date shows that Iowa’s sports wagering handle net receipts and total tax revenue have both increased since 2023.
The total sports wagering handle has also risen from $2.24 million in fiscal year 2023 to $2.46 million from January-May 2024. The total sports wagering handle increased from $186.3 million in fiscal year 2023 to $199.76 million through May 2024. This also includes state tax revenue increasing from $12.8 million in 2023 to $13.4 million.
Top earning operators
| Operator | May Handle | Revenue |
|---|---|---|
| FanDuel | $61.3 million | $6.5 million |
| DraftKings | $72.4 million | $6.07 million |
| Caesars | $22.4 million | $1.8 million |
| BetMGM | $16.7 million | $1.6 million |
| ESPN BET | $9.3 million | $900.5K |
| bet365 | $8.5 million | $648K |
DraftKings and FanDuel were by far the most profitable sportsbook operators in Iowa during May. Each brought in more than $6 million of revenue while generating at least $61 million in betting handle across online and retail sportsbook locations.
Caesars and BetMGM were the only other sportsbook operators in Iowa that surpassed $1 million in revenue, leaving ESPN BET and bet365 in a distant third. Despite the betting handle being down from April at DraftKings and bet365, all of the other four sportsbook operators saw an increase in May.
This led to increased revenue for each operator in May, except for DraftKings, which dropped from $6.2 million to $6.07 million.
Latest Iowa betting news
Sportstrade recently launched after it received an operator license as the latest mobile sports betting app for iOS devices in Iowa. Launching on May 2, bettors are afforded a unique opportunity to buy and sell bets in real-time, mirroring the stock market.
After an ongoing investigation by the Iowa Division of Criminal Investigation charged four Iowa State football players for tampering with records after allegedly placing wagers on college sports, state prosecutors eventually dropped these sports betting charges. Now, more than 26 athletes at the University of Iowa are suing over the prior sports betting investigation, citing that their constitutional rights were violated.
