• About Us / Contact
  • Responsible Gambling
This site contains commercial content
SportsHandle
  • US Sports Betting
    • Arizona
    • Colorado
    • Illinois
    • Indiana
    • Kentucky
    • Louisiana
    • Maryland
    • Massachusetts
    • Michigan
    • New Jersey
    • New York
    • North Carolina
    • Ohio
    • Pennsylvania
    • Tennessee
    • Virginia
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel Sportsbook Promo Code
    • BetMGM Bonus Code
    • Bet365 Bonus Code
    • Caesars Sportsbook Promo Code
    • ESPN BET Promo Code
    • Fanatics Sportsbook Promo Code
    • BetRivers Promo Code
  • 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
    • Colorado
    • Illinois
    • Indiana
    • Kentucky
    • Louisiana
    • Maryland
    • Massachusetts
    • Michigan
    • New Jersey
    • New York
    • North Carolina
    • Ohio
    • Pennsylvania
    • Tennessee
    • Virginia
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel Sportsbook Promo Code
    • BetMGM Bonus Code
    • Bet365 Bonus Code
    • Caesars Sportsbook Promo Code
    • ESPN BET Promo Code
    • Fanatics Sportsbook Promo Code
    • BetRivers Promo Code
  • 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

Sports Wagering Operators Finally Cool Off In Iowa In October

Hold of 8% still above industry standard, but lowest nationwide since Nevada's August report

Chris Altruda by Chris Altruda
November 10, 2022
in Industry
Iowa October 2022 revenue report

Shutterstock

Share on FacebookShare on Twitter

The Iowa Racing and Gaming Commission reported sports wagering handle of $238.8 million for October, but operators in the Hawkeye State posted the lowest hold of any state nationwide in nearly two months worth of reports.

The 8% win rate is still above the industry standard of 7%, but was the lowest anywhere since the Nevada Gaming Control board reported a 3.9% hold for the month of August. The month of September, which still needs reports from Illinois and Arizona to complete national tallies, will end up being a historic rout by operators, with the current hold rate at 12.1%. The lowest hold among the 25 operators reporting to date for September was again Nevada, but it was a far more robust 9.3%.

Iowa‘s win rate was the first among seven states reporting for October to be below 10%. The percentage also ended a three-month run of holds 10.3% or higher in the Hawkeye State.

While revenue dipped 24.7% off September’s all-time high of $25.4 million, the $19.1 million claimed by operators in October still ranked third all-time in 39 months of wagering. Seven of Iowa’s top 10 monthly revenue totals have occurred this year, with August, September, and October all ranking in the top four.

The state’s low 6.75% tax rate makes it challenging to generate a high amount of receipts, but October’s revenue was enough to put $1.3 million in state coffers. It also marked the first time Iowa had back-to-back months with $1 million or more in tax receipts since accepting its first wagers in August 2019.

Handle dip could be part of nationwide trend

October #SportsBetting numbers for #Iowa via IRGC, a 🧡. Mobile Han/Rev/WR by operator (7/7)

And introducing…@SuperBookIA $39.2K/$4280/10.91%

10/x #GamblingTwitter

— Chris Altruda (@AlTruda73) November 10, 2022

While it is uncertain if Iowa’s operator performance could mark a cooling off elsewhere, the state’s 15% decline in year-over-year handle from a then-record $280.9 million may be part of a trend. Nationwide handle last October set a short-lived record of more than $7.5 billion, but reports from Indiana and West Virginia also showed handle declines compared to October 2021.

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

It should be noted, though, that both states had October handle amounts for this year that ranked in the top six of their all-time totals, aided by the month again having five full weekends of college football and NFL wagering. Still, the combination of economic headwinds due to inflation and operators pulling back on promotional offers could be creating a challenging start to the fourth quarter compared to the final three months of 2021.

That said, there were bright spots for operators in addition to the sizable overall revenue haul. DraftKings reported an all-time high for handle at nearly $78.4 million, a figure which paced all operators and the highest of any Iowa operator since Caesars Sportsbook accepted $112.7 million in wagers in January.

DraftKings’ handle was 56.4% higher than FanDuel, which allowed it to complete the revenue double over its eternal rival with $5.6 million. FanDuel also set an all-time handle high in Iowa at $50.1 million, and finished runner-up in revenue at $4.6 million thanks to a 9.2% hold.

Caesars was unable to post a double-digit hold for a third straight month, but still grabbed the final podium spots for handle and revenue with $39.5 million and $2.9 million, respectively. BetMGM was able to push its 11%-plus win rate streak to three months, landing at 11.9% to reap $2.2 million in revenue from $18.2 million handle.

Barstool Sportsbook tightened its grip on the No. 5 handle spot with $9 million. PointsBet and BetRivers combined to accept close to $10 million in wagers, while Circa Sports set an all-time best for handle at $2 million. In its first full month of accepting wagers, ClutchBet generated more than $375,000 in handle, and SuperBook did $39,237 worth of business in its first five days of action in the Hawkeye State after launching Oct. 27.

Mobile sportsbook operators claimed $16.4 million in revenue from $212.8 million handle, resulting in a 7.7% win rate. That was more than four percentage points lower than September and the lowest since a 5.6% hold for August.

Retail books strong, with a few hiccups

October #SportsBetting numbers for #Iowa via IRGC, a 🧡. Mobile/Retail Han/Rev/WR

Mobile: $212.78M/$16.41M/7.71%
Retail: $26M/$2.73M/10.50%

3/x #GamblingTwitter

— Chris Altruda (@AlTruda73) November 10, 2022

The statewide hold for brick-and-mortar sportsbooks in Iowa for October was 10.5% — the fourth straight month in double figures, as operators collected $2.7 million in revenue from $26 million wagered. But there was some lack of uniformity, as two venues reported losses and another three finished below the 8% overall hold.

Diamond Jo in Worth paced all in-person locations for handle and revenue, as the $7.8 million handle sent it over $50 million for the year. The venue, which sits close to the Minnesota border, also became the first in state history to clear $1 million ($1,016,594) in revenue in back-to-back months, notching a seven-figure total for the third time overall.

Hard Rock had the biggest loss in terms of dollars as bettors came out $7,023 ahead on $1.2 million handle, while Lakeside Casino’s minus-3.2% hold was the worst, as it paid out $4,799 above the $150,334 in wagers accepted.

On the flip side, Casino Queen posted a 57.3% hold thanks in part to a small handle, keeping $14,143 of the $24,668 wagered. Grand Falls had the highest win rate among venues with a minimum of $1 million handle, reaching 16.4% to claim $250,000 from $1.5 million wagered.

ShareTweetShare
Chris Altruda

Chris Altruda

Chris Altruda was a sportswriter with ESPN, The Associated Press, and STATS for more than two decades before coming to Better Collective in 2019. When not crunching sports betting revenue figures, he is usually listening to Iron Maiden or exploring Chicago neighborhoods. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

This site contains commercial content. We may be compensated for the links provided on this page. The content on this page is for informational purposes only.

Related Posts

deion sanders mirrored glasses
Industry

It’s ‘Prime Time’ Again As Sanders’ Colorado Football Team Piques Bettors’ Interest

September 29, 2023
draftkings-sportsbook-outfield-sign
Industry

DraftKings Moves Closer To Opening Retail Sportsbook In Maryland

September 28, 2023
Load More

Top Stories

guitar-hotel-hard-rock-florida

Court Decision Clears Way For Hard Rock Bet To Launch In Florida … But Will It?

September 28, 2023
system error

Schuetz: Palpable Errors In Sports Betting, And The Palpably Bad Decisions That Follow

September 25, 2023
taylor swift donna kelce

Will Taylor Swift-Travis Kelce Relationship Make Sports Bettors Out Of More Women?

September 28, 2023
have-a-game-plan-bet-responsibly-screenshot

Bettors Know All About Responsible Gambling, But Most Don’t Use Tools

September 12, 2023

State Sports Betting Guides

Sports Betting in Kentucky

Kentucky Sports Betting – Welcome Offers & Best Legal Sportsbook Apps for 2023

by Dukes Wooters
September 28, 2023

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
September 29, 2023

Downtown Detroit at twilight (Shutterstock)

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

by Brett Smiley
September 6, 2023

VA captial

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

by Brett Smiley
September 1, 2023

nj flag

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

by Brett Smiley
September 6, 2023

Canada Sports Betting Guides

Canada Sports Betting – Best Sportsbook Apps 2023

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
    • Colorado
    • Illinois
    • Indiana
    • Kentucky
    • Louisiana
    • Maryland
    • Massachusetts
    • Michigan
    • New Jersey
    • New York
    • North Carolina
    • Ohio
    • Pennsylvania
    • Tennessee
    • Virginia
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel Sportsbook Promo Code
    • BetMGM Bonus Code
    • Bet365 Bonus Code
    • Caesars Sportsbook Promo Code
    • ESPN BET Promo Code
    • Fanatics Sportsbook Promo Code
    • BetRivers Promo Code
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News