Iowa sports betting revenue bounces back after pandemic

The Iowa Racing and Gaming Commission recorded sports wagering revenue of $125.4m for the 2021 calendar – a 202.9% increase on 2020.

Handle for the year soared to $2.05bn, a vast improvement on the $575.3m staked in the 2020 calendar year.

Retail betting revenue accounted for $26.5m of the overall total in 2021, compared to $14.5m in 2020, while online revenue came to $98.8m, up from $26.9m.

The year ended with sports wagering revenue for December coming to $13.4m. The majority of the revenue – $11.9m – was derived from online betting, though this was down from $17.0m in November 2021. Retail betting revenue also decreased 48.3% month-over-month to $1.5m.

Overall sports betting handle for the month amounted to $266.5m, down from $287.4m in November. This led to a decrease in payouts to players as the $253.1m recorded dropped 5.4% compared to November.

The sports betting revenue recorded compares favorably to the same time in 2020 when figures were heavily impacted by the novel coronavirus (Covid-19) pandemic.

Revenue has increased 78.7% while handle skyrocketed by 154.3%. Payouts have also increased significantly, up from $97.3m.

Diamond Jo in Worth’s FanDuel sportsbook was the best performer in terms of revenue, generating $1.993m in December. This only just edged out Penn National’s Prairie Meadows Racetrack and Casino, who recorded revenue of $1.992m.

Diamond Jo’s Dubuque venue replaced Penn National Gaming-owned venue Ameristar II in third place, with revenue figures of $1.9m.

For Iowa’s fiscal year to date, which runs from 1 July to 30 June 2022, players have staked $1.25bn on sports, winning $1.18bn. This left revenue of $70.7m, comprising $14.5m from retail outlets and $56.2m from mobile offerings.

Original Article