The Iowa Racing and Gaming Commission reported a sports betting handle of nearly $111.2 million for June as operator revenue in Iowa jumped more than 37% compared to May, thanks to a substantially higher hold.
Operators totaled more than $8.4 million in revenue, the fourth-highest monthly amount since the Hawkeye State began accepting wagers in August 2019. The 7.6% hold was more than two full percentage points higher than May’s win rate of 5.3%, which resulted in operators keeping more than $6.1 million that month.
While Iowa cleared $100 million in handle for the seventh straight month, it was the third consecutive report in which the handle dipped month-over-month since reaching its peak of $161.4 million in March. The drop the last two months has been slight, though, as the handle was $118.3 million in April and nearly $114.9 million in May.
The state’s tax coffers received $568,502 from operator revenue in June, lifting that total to nearly $3.7 million for the year. Iowa’s 6.75% tax rate on sports betting revenue is tied with Nevada’s for the lowest in the country.
The June report also completed Fiscal Year 2021 for the IRGC, which reported a 12-month handle of nearly $1.22 billion and more than $6 million in taxes collected on close to $90 million in operator revenue.
Retail sportsbooks big winners in June
The month-over-month retail handle spanning the state’s 18 sportsbooks climbed 7.2% from May to just over $16 million, but operator revenue from those wagers spiked 56% higher to more than $2 million. The 12.73% win rate on-site was nearly four full percentage points higher compared to May’s otherwise-solid hold of 8.75%.
The two sportsbooks with the largest handles, with nearly $8.2 million between them — Ameristar Casino in Council Bluffs and Diamond Jo in Worth — accounted for more than $1.1 million of the state’s retail revenue as they posted holds of 11.86% and 16.15%, respectively. Fourteen venues had double-digit win rates, with Catfish Bend in Burlington leading the way at an eye-popping 27.87% on $240,915 worth of wagers.
Perhaps more stunning was Diamond Jo’s retail sportsbook in Dubuque finishing down for June as bettors came out $7,471 ahead on more than $650,000 wagered. Through the first six months of 2021, Iowa’s retail sportsbooks have posted a 10.65% hold, collecting more than $12.1 million on over $114 million wagered.
Wild Rose properties drive mobile revenue
DraftKings and BetRivers, which are the mobile tethers to the Wild Rose sportsbooks at Clinton, Jefferson, and Emmetsburg, paced online revenue as the two claimed more than $2.5 million from nearly $31.3 million wagered. The properties’ June online revenue was nearly double that of May despite a 6.5% decline in month-over-month handle.
FanDuel was a distant second in online revenue with more than $1.3 million, but it did have a 9.15% hold from the $14.6 million wagered via Diamond Jo’s Dubuque location. William Hill took top honors for online handle as its six tethers accepted nearly $33.2 million in wagers, but the Caesars-powered book finished just shy of $1.3 million in revenue as the overall hold at those properties was 3.92%.
BetMGM and PointsBet rounded out the top six for online revenue, with BetMGM claiming $723,545 off more than $8 million in bets and PointsBet collecting $283,714 from nearly $3.3 million in wagers.
