The Iowa Racing and Gaming Commission reported a month-over-month decrease in sports betting revenue and handle for the state in July.
Iowa Posts Another Monthly Decrease in Wagers in July
Iowa’s online and retail sportsbooks reported a total of $88.9m in wagers in July, which corresponds to a 20% month-on-month decline from $111.2m. This is the fourth consecutive monthly decrease in terms of wagering in the state, and the lowest handle in the state since November 2020.
On a positive note, Iowa’s handle experienced an annual increase of 288.2%, as the numbers stood at $22.9m in July 2020. However, the daily volume of bets equaled $2.9m over the 31 days of July, significantly below the $3.7m per day in June.
Some 88%, or $77.9m, of the state’s bets came from online channels, while the remaining part ($11m) came from the retail segment. Caesars Sportsbook generated 35% of Iowa’s handle in July, or $31.1m in wagers, while $28.7m of them were made online. For comparison, June’s combined figures stood at $36.65m.
Wild Rose, which includes DraftKings and BetRivers, posted $25.2m in wagers, which came in via both online and retail facilities, a decline from $31.5m in June. Online wagering produced $25m of July’s handle. These figures generated $2.6m in revenue.
Diamond Jo, powered by FanDuel and BetMGM, recorded aggregate wagers of $21.4m. Bally Bet, which started operations in July, collected $1.1m in wagers during the month. Net operator revenue for the month declined by 16%, from $8.4m in June to $7.1m in July. Tax revenue stood at $479,479.
Analysts Expect Change in Trend Due to Upcoming Sporting Events
Analysts explain July’s decline with the summer season and expect betting figures to rise again with the beginning of the football season in September. Iowa’s sportsbooks have generated $1.7bn in wagering, $122.8m in gross gaming revenue, and $8.3m in tax revenue for the two years since the start of their activity in the state.
July’s total market revenue reached $7.1m, up 222.7% in annual terms. However, the figures correspond to a 15.5% monthly decline compared to the $8.4m in June. In July, revenue from online wagering stood at $6.2m, while retail sportsbooks accounted for $936,793 only.
In June, the IRGC posted year-to-date revenue of $1.4b for the 11-month period between June 2020 and May 2021. The figures show a 36% increase over the previous full-year period, excluding July.