Iowa may have seen the worst of its legal sports betting market this year. Preseason football arrives in August and July’s baseball-only option kept the state’s handle above $100 million.
The Iowa Racing and Gaming Commission reported that the Hawkeye State took in $109.6 million in July. While the figure was 5% lower than June’s $115.5 million, last month broke Iowa’s three-month streak of a double-digit drop in handle.
Thanks to a roughly 10% hold in July, operators increased their revenue and so too did the state coffers. Sportsbooks announced $10.5 million in net receipts, well above June’s $7.1 million. From that, the state kept $713,722 — marking a 25% monthly boost.
The retail market also rebounded last month for sports betting in Iowa, albeit slightly. Following a 3.5% hold in June, the physical operators kept 4.9% in July, netting $475,314.
DraftKings leads the way as Bet365 increases its presence
DraftKings saw the most action in July, recording $37.4 million in wagers. FanDuel came in second at $24.9 million while Caesars Sportsbook saw its monthly handle basically unchanged with $15.4 million in wagers, becoming the third book in the state that racked up over $10 million in bets.
Bet365 entered the Hawkeye State in June and thanks to some heavy promotion, finished fifth out of the 19 operators in handle. It appears that its popularity wasn’t a one-month spark among online betting sites in Iowa, as bet365 not only maintained its position in July but made a profit and witnessed an increase in handle despite the statewide drop in action.
