Football is winding down and that means bettors are less interested in what the sports world has to offer, at least until March Madness.
The Hawkeye State saw a decrease in action to start 2024. The Iowa Gaming and Racing Commission announced $259.4 million in bets last month, down from December’s $282.7 million.
Just like the statewide handle, both the hold percentage and revenue came back to earth after December’s high. Operators made $22 million from a relatively low 8.5% hold in January. For comparison, 5 of the past 7 months reported a hold above 9%.
Taxwise the state still exceeded $1 million, hitting just under $1.5 million.
Iowans, like every state besides Nevada, choose to place their wagers online. Just 8% of Iowa’s handle came from a physical sportsbook.
DraftKings still top dog
Iowans can select from 17 sportsbooks but still DraftKings and FanDuel see most of the action. And more importantly are making significant money.
DraftKings led the way with $86.6 million and $8 million in revenue. FanDuel was second at $66.1 million in bets and $7.9 million in revenue.
After that, there was a large dropoff. BetMGM, which is usually in third, did not bounce back in January. It was Caesars who remained in third with $31.8 million in handle and $1.7 million in revenue.
ESPNBet was fourth with $16.7 million but made just over $74,000. BetMGM was fifth with $14.7 million and $1.3 million in revenue. No other operator made over $1 million.
In fact, Tipico, Dubuque Racing, and Circa came out of January in the red.
