October was a poor sports betting month in the Hawkeye State. The hold percentage came in at a low 6.2% and, because of that, the operator revenue fell. But luckily for the books, November broke that trend.
The Iowa Gaming and Racing Commission reported a monthly handle of $315.2 million in November, nearly 7% higher than October and 8.8% better than November 2023.
After paying out winning tickets, the state’s 13 mobile operators and 17 casinos took home $30 million last month, which is a sigh of relief after October’s revenue disappointed. November reported a more industry friendly 9.5% hold.
Their strong revenue numbers didn’t just break their monthly trend, year over year their net receipts and hold percentage both doubled. November 2023 brought in just $14 million from a stunningly low 4.8% hold.
Mobile vs. physical sportsbooks
Its no surprise that people prefer to bet online, versus driving to a retail location. But at least in the month of November, the brick-and-mortar locations showed their potential for revenue.
Of the $315 million in wagers for the Hawkeye State, just $21.2 million was placed in a physical location, which is 6.7%. However, revenue wise their $2.8 million is 9.3% of the statewide total.
Last year showed the same pattern, the retail locations combined for $23.8 million in handle, 8.2% of the statewide action, but they contributed 10% to the overall revenue numbers.
Mobile sportsbooks enjoy a boost
November brought in a higher Iowa sports betting handle and revenue compared to the previous month, but it was the online operators who grew. Each of the top seven online books reported higher handle and revenue for the month.
| Mobile Operator | November Handle | Revenue |
|---|---|---|
| DraftKings | $115.8 million | $12.1 million |
| FanDuel | $81 million | $8.6 million |
| Caesars | $30.3 million | $2.1 million |
| BetMGM | $23.2 million | $1.5 million |
| bet365 | $15.7 million | $1.2 million |
| Fanatics | $9.9 million | $1 million |
| ESPN BET | $8.7 million | $648,000 |
| BetRivers | $3.8 million | $104,000 |
| Circa Sports | $3.6 million | -$269,000 |
The casino side is murkier. While just one of the most popular three retail locations (Diamond Jo - Worth) saw a rise in handle, the overall market isn’t necessarily weaker. From September to November, retail handle grew by 14%, less than the 16.5% for the online operators.
While its true that the retail locations as a whole quadrupled their October revenue, and doubled their November 2023 revenue, their hold percentage came in at 13%, well above the industry average. Compared to September 2024, revenue actually fell slightly.
