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Springtime Swoon Hits Iowa As Sports Betting Handle Slips To $177 Million

DraftKings keeps handle crown for second straight month, holding off Caesars and FanDuel

Chris Altruda by Chris Altruda
May 6, 2022
in Analysis, Industry
Iowa April 2022 revenue report

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The Iowa Racing and Gaming Commission reported on Friday sports wagering handle of more than $177 million for April, a substantial month-over-month drop that was not completely unexpected given the lack of notable college athletics and a lighter overall sports schedule inventory.

Handle dropped 24% from March’s total of $233.5 million, but it still managed to rank eighth of 33 months since the Hawkeye State began accepting wagers in August 2019. The year-over-year metric was far more positive, as April’s handle improved close to 50% compared to 2021.

With the notable dip in handle came a downturn in revenue as operators totaled just shy of $12.4 million, from a hold that narrowly missed the industry standard of 7%. Operator revenue was 14% lower compared to March but still good enough to rank sixth all-time. It was also 60.5% higher compared to April 2021.

The state collected nearly $850,000 in tax receipts for April, raising the total for 2022 to more than $3.3 million. Iowa’s tax revenue is running more than $650,000 ahead of 2021 through the first four months of the year.

Iowa’s handle of $930 million for the year is 62.3% higher compared to the first four months of 2021 while revenue is 23.4% higher at $49.7 million. Operator win rate, however, has plummeted to 5.3% versus just over 7% in the first four months of last year.

DraftKings tops in mobile handle

April #SportsBetting numbers for #Iowa via IRGC.
Mobile Han/Rev/Hold by Operator (1/x)@DKSportsbook: $44M/$3.35M/7.64%@CaesarsSports: $39.2M/$1.78M/4.54%@FDSportsbook: $38.4M/$4.01M/10.47%@BetMGM: ~$21M/$1.66M/7.89%

4/x #GamblingTwitter

— Chris Altruda (@AlTruda73) May 6, 2022

For the second straight month, DraftKings claimed the top spot for mobile handle, despite its $44 million in wagers being 32.1% lower than the nearly $65 million in accepted bets in March. Caesars again narrowly held off FanDuel for the No. 2 spot, with the spread between them about $860,000 as Caesars had $39.2 million handle compared to FanDuel’s $38.4 million. BetMGM was the only other operator with an eight-figure handle, finishing just shy of $21 million, as the quartet combined to claim more than 88% of the overall mobile market share.

Among the smaller mobile sportsbooks, the Kambi-powered Daily Racing Form had handle nearly double to more than $830,000 in April versus $440,000 in March. Five operators posted AGR losses, with Circa’s $58,010 the highest off $932,300 wagered. Finishing $55,336 in the red, Hard Rock was the only other operator with a five-figure loss.

Retail wagering covers gamut of wins, losses

Brick-and-mortar sportsbooks collectively came out nearly $850,000 ahead on close to $16 million wagered for a 5.2% hold, but there was little in the way of trends to follow. Four venues reported losses, with Catfish Bend Casino taking the worst of it as it finished more than $27,000 down on less than $170,000 bet.

The two largest handle generators for April — Diamond Jo in Worth and Ameristar in Council Bluffs — had wildly divergent results. Diamond Jo’s win rate was 0.8% on close to $5 million wagered, while Ameristar had a 9.4% hold to claim more than $309,000 from $3.3 million in bets.

Lakeside Casino had its second consecutive monthly loss as bettors came out nearly $11,000 ahead on more than $150,000 wagered. It is currently the only retail sportsbook with negative revenue for the year to date, having paid out $12,071 more than the $1.2 million in wagers accepted.

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Chris Altruda

Chris Altruda

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest. His Twitter handle is @AlTruda73 and can be reached via email at caltruda@bettercollective.com

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