• About Us / Contact
  • Responsible Gambling
This site contains commercial content
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Vermont
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Vermont
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
No Result
View All Result

Iowa Sports Wagering Revenue A Year-Low $6.6 Million For June

Seasonal handle downturn and strong bettor performance key factors for sluggish returns

Chris Altruda by Chris Altruda
July 11, 2022
in Industry
Iowa June 2022 revenue report

Shutterstock

Share on FacebookShare on Twitter

The Iowa Racing and Gaming Commission reported nearly $6.6 million in sports wagering revenue for June, a monthly low for 2022 as operators could not sustain their momentum from May while dealing with the seasonal summer downturn in handle.

The $122.4 million wagered, however, was enough to make Iowa the 12th state to clear $4 billion in all-time handle since launch in 2019. The Hawkeye State reached the milestone in 35 months. Slightly more than $1.2 billion worth of bets were placed in the first six months of the year.

Handle dipped 17.2% from May, but the 5.4% win rate was more than three full percentage points lower compared to the previous month. That sent revenue tumbling 48% lower compared to May, marking its lowest monthly total since operators claimed slightly less than $6.6 million last October.

Despite the month-over-month declines, the year-over-year dollar figures continue to track positive. Handle was up 10.1% compared to June 2021 and revenue was 22% higher, despite the hold being 7.6% during the same time last year.

The state received almost $450,000 in tax receipts, which raised the total for the year to nearly $4.7 million. That is nearly $1 million more compared to the same time period in 2021. Handle for the first six months of 2022 is 50.3% higher than the same span in 2021, while revenue is 25.7% higher despite a 5.7% win rate that is more than one full percentage point lower versus last year.

Big drop in Q2 handle, revenue from Q1

Compared to the first quarter of 2022, the $447.7 million wagered in April through June was 40.5% lower, with the $31.6 million in operator revenue representing a 15.2% decline. Operators barely eclipsed the industry standard win rate for the quarter at 7.1%, but that was a huge improvement versus the sub-5% spanning the first three months of the year. The $2.1 million in state taxes over the last three months was nearly $400,000 less compared to the first quarter.

Sign Up For The Sports Handle Newsletter!
I also want to receive information and offers about online sportsbooks (eg. odds boost, welcome offers)

Posting a healthy hold, though, has been a challenge for the house in Iowa. The 8.5% hold reported in May is the only one above 7% in the last 11 months, though it did fall just short of that mark in April. The 5.7% hold for the first six months of 2022 is nearly one-third of a percentage point lower than the 6.1% mark since launch.

May was a historically rough month for retail sportsbooks in the Hawkeye State, as the $340,551 in revenue and 3.2% win rate represented all-time lows for months not impacted by the COVID-19 pandemic in 2020. It was just the sixth time brick-and-mortar sportsbooks failed to generate at least $1 million in revenue, but the third time it happened this year.

Six of the state’s 19 retail books finished in the red for June, with Q Casino suffering its worst loss in paying out $41,901 more than the $193,557 it accepted in wagers. Grand Falls also took its largest monthly hit, finishing $32,870 under on $532,593 handle. Isle Casino in Waterloo also absorbed a five-figure loss as bettors came out $12,801 ahead on $85,521 in bets.

Caesars’ market share continues to dwindle

For the second straight month, Caesars finished third in mobile handle behind DraftKings and FanDuel, but the gap from first to third widened. In May, the $38.5 million in wagers accepted by DraftKings was $8.4 million more than Caesars; in June the gap was nearly $9.6 million as Caesars posted $22.7 million handle –its lowest since $20.4 million in August 2020.

While some of Caesars’ decline can be attributed to the slower summer months, June’s handle still represents a sharp 79.9% drop from its record handle of $112.7 million in January, which remains the high-water mark for any mobile operator in Iowa.

DraftKings ($32.3 million) and FanDuel ($30.7 million) were the only operators to surpass $30 million in handle for June, and Caesars along with BetMGM ($12.7 million) completed the foursome of mobile books to post eight-figure handle totals. FanDuel took top honors for revenue with more than $1.9 million, with DraftKings a relatively close second, approximately $180,000 behind.

BetMGM edged Caesars for third as both cleared $900,000, but BetMGM was less than $25,000 shy of $1 million. Circa became the first mobile sportsbook in state history to have three consecutive losing months, as bettors came out $27,577 ahead on $723,915 wagered. Circa has a -4.5% win rate in that span, paying out $113,811 above the $2.5 million in bets placed.

ShareTweetShare
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 [email protected]

Related Posts

whats on tap
Industry

What’s On Tap: NBA Finals, Stanley Cup Finals, And French Open Early Rounds

May 29, 2023
Circa 2023 NFL pools $14 million
Industry

Circa Increases Million And Survivor Pool Payouts To Combined $14 Million

May 25, 2023
Load More

Top Stories

paspa ruling

From PASPA To Present: An Oral History Of The U.S. Sports Betting Gold Rush

May 11, 2023
inside-fanatics-sportsbook-fedex-field

Sources: Fanatics Enters Advanced Talks With PointsBet On Transformative U.S. Deal

May 12, 2023
garland blinken

Dear Regulators: Merrick Garland Is The Wrong Guy To Stamp Out Offshore Betting

May 16, 2023
alabama-crimson-tide-logo

Here’s What We Know About The Alabama Baseball Betting Controversy

May 5, 2023

State Sports Betting Guides

Ohio (U.S. state) flag waving against clear blue sky, close up, isolated with clipping path mask alpha channel transparency, perfect for film, news, composition

Ohio Sports Betting – All Online Sportsbooks, Bonus Offers, and News 2023

by Brian Pempus
May 16, 2023

Downtown Detroit at twilight (Shutterstock)

Michigan Sports Betting – Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
May 2, 2023

VA captial

Virginia Sports Betting – Where To Play, Online Sportsbooks And Bonus Offers

by Brett Smiley
April 24, 2023

nj flag

New Jersey Sports Betting — Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 22, 2023

pa online sportsbooks

Pennsylvania Sports Betting – Where To Play, Online Sportsbooks And Bonuses

by Brett Smiley
May 3, 2023

Canada Sports Betting Guides

Canada Sports Betting – Best Sportsbook Apps & Bonus Offers

British Columbia Sports Betting – Legal Update, Available Sportsbooks, and FAQ

Ontario Sports Betting – Legal Status And Where To Play

SportsHandle

  • Analysis
  • Casino
  • Features
  • Horse Racing
  • Industry
  • Legal
  • Legislation
  • Lottery
  • Opinion
  • Podcasts
  • Poker
  • Politics
  • Promotions
  • Regulation
  • Sports
  • Uncategorized

Better Collective

This website is owned and operated by Better Collective USA. Trademarks and copyrights referenced on this website are and shall remain the exclusive property of their respective owners and/or licensors. Please be sure to visit the operator’s website(s) to review their terms & conditions. We advise you to read these carefully as they contain important information. Copyright Β© 2023 USBets.com | Better Collective USA
21 Play Responsibly
Gamble Aware West Virginia
Gambling Problem? Call 1-800-Gambler.
GameSense

Search Sports Handle

No Result
View All Result
  • About Us / Contact
  • Responsible Gambling

No Result
View All Result
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Vermont
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News