The Iowa sports betting field was already a crowded market... and it just got a little bit larger with the SuperBook joining the fray.
The Las Vegas-based operator announced its entry into the Hawkeye State yesterday, and bettors can start wagering on their online sports betting site right away.
"From the Cyclones and Hawkeyes to the Field of Dreams, Iowa has one of the best sports traditions in the country," said SuperBook CEO Mark Lipparelli. "Many sports fans from Iowa have undoubtedly visited our iconic Las Vegas sportsbook, and now they can access those same great betting options from home."
Iowa becomes the sixth state where the SuperBook offers legal sports betting, joining Nevada, Arizona, Colorado, New Jersey, and Tennessee.
Iowa's moving market
The SuperBook has been in operation since 1986 and is one of the most influential bookmakers in the industry, making it an interesting choice to join the highly competitive Iowa market... which now has 19 operators.
Why is Iowa at the top, when it comes to bringing in plenty of unique sports betting brands? Well, the state taxes sportsbook operators at 6.75% — neighboring Illinois, by comparison, sits at 15%.
Last month, Iowa welcomed ClutchBet as its 18th operator — but by year's end, the number of operators will be shrinking as brands struggle to carve out a worthwhile presence in a market dominated by the biggest names.
Iowa's September sports betting numbers saw the Hawkeye State take in more than $200 million in bets last month — its best month since March — with DraftKings and FanDuel accounting for roughly 54% of that action (at $66 million and $42 million, respectively)... leaving the other 16 brands to fight over the remaining pieces of the pie.
ClutchBet posted a handle of $163,263 in 10 days, but Fubo Sportsbook, who after payouts lost money in September, announced this month that they are ceasing their sportsbook operations effective immediately.
Kindred Group Plc, the owner of Unibet (which ranked at the bottom in Iowa monthly handle), noted in their Q3 earnings call earlier this week that they are pulling Unibet out of Iowa before the end of the year, with a focus on staying competitive in other markets.
