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Iowa Sports Betting Handle Nearly $60 Million In November, But Tax Revenues Dip On Lower Hold

Chris Altruda by Chris Altruda
December 13, 2019
in Industry
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Sports betting surged in Iowa during the month of November as the overall handle at its 18 casinos reached nearly $60 million, but bettors walked away with more money, which meant less tax revenue reaching government coffers in the Hawkeye State.

The $59.34 mm handle β€” augmented by two new offerings for mobile sports betting β€” represented a 27.6% increase on October’s revised figures of $46.5 mm, but the hold drastically dropped to 6.1% in November as the casinos netted just under $3.6 mm. In October, Iowa’s casinos enjoyed a hold of 12.2%, which created a net of nearly $5.66 mm.

The result was a 36.3% dip in tax revenues to $242,903 from the $381,379 generated in October. Iowa, which has a tax rate of 6.75%, has generated just over $1.1 mm in revenue since sports betting began Aug. 15.

Catfish Bend, Q Casino new mobile options

Catfish Bend Casino in Burlington and Q Casino in Dubuque upped the number of casinos in Iowa offering mobile sports betting to nine. The two new entries helped account for an increase of nearly 30% in the overall mobile handle to $33.66 mm in November compared to $25.92 mm in October.

The drop in the hold on the mobile platform was also substantial, plummeting to 4.5% with net revenue of slightly more than $1.53 mm. That was 42.2% lower than October, when a 10.2% hold on mobile betting generated a net of $2.65 mm.

Five of the nine casinos with mobile sports betting platforms cleared a $1 mm handle, while a sixth β€” Rhythm City in Davenport β€” fell $126.44 short of seven figures.

Mobile betting accounted for 56.7% of Iowa’s total handle in November, slightly better than October’s mark of 55.7%. Iowa’s law requires in-person registration to gain access to a mobile sports betting account until Jan. 1, 2021.

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Sports betting handles rise throughout Iowa

All but two of the 18 casinos reported a double-digit percentage increase in their respective month-on-month sports betting handles in November. In terms of actual money, Prairie Meadows in Altoona led the way with a handle of slightly less than $20.6 mm, an increase of 15.5% from October. The hold, though, slumped to 5% compared to 9.8% the previous month, resulting in tax revenue of $70,105 compared to $117,954 in October.

Prairie Meadows also saw a 17% increase in its mobile handle to $19.06 mm, which represented 92.6% of its total handle.

Riverside Casino, which narrowly edged out Isle Casino in Waterloo for the second-largest handle in the state at $5.36 mm, was where bettors found the most success. Riverside reported a paltry 1.75% hold, resulting in net revenue of just $94,008 and a tax contribution of $6,345 in contrast to the 12.7% hold in October, which resulted in a net of $430,119 and tax monies totaling $29,030.

Waterloo’s handle spiked 38.1% higher to $5.36 mm in November, but a hold of 6.1% resulted in a 20.8% fall-off to $325,906 in net revenues. Isle Casino, whose mobile handle increased 38.2% and accounted for just over 90% of its total handle, had a 10.6% hold in October on $3.87 mm as its mobile handle percentage remained nearly flat month-on-month.

Wild Rose Casino in Jefferson was the lone outlier reporting a higher percentage on the hold at 16.9% compared to October’s 12.9%. Coupled with the 5.4% increase in handle to $176,498, the casino had a 38.2% increase in net revenue to $29,812.

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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.

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