Iowa’s Handle Drops to $115 Million in June

Iowa’s Handle Drops to $115 Million in June Pleas Subscribe For Daily Sports Betting News

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Just three months ago, Iowa reported a legal sports betting handle of over $230 million. Now with fewer sports to attract the casual bettor, Iowa’s betting market has fallen over 50% in June. 
The Iowa Racing and Gaming Commission announced that the state accepted $115.5 million in wagers last month, a 21.8% decrease compared to May. That’s three straight months with a decreasing handle, all by double-digit percentages. 
While May’s decrease in action was buoyed by a jump in revenue, June did not see the same luck for the sportsbooks. Last month, operators saw just $7.1 million in net receipts,...

Just three months ago, Iowa reported a legal sports betting handle of over $230 million. Now with fewer sports to attract the casual bettor, Iowa’s betting market has fallen over 50% in June. 
The Iowa Racing and Gaming Commission announced that the state accepted $115.5 million in wagers last month, a 21.8% decrease compared to May. That’s three straight months with a decreasing handle, all by double-digit percentages. 
While May’s decrease in action was buoyed by a jump in revenue, June did not see the same luck for the sportsbooks. Last month, operators saw just $7.1 million in net receipts, well short of the $16.6 million that was brought in during May.
There may not have been much to bet on, but Iowans made it count. The hold percentage fell to 6.1%. May, by comparison, saw sportsbooks keeping 11% of the wagers they accepted. This means state coffers were light in June. Sportsbooks collectively paid just $570,976 to the state, a roughly 43% drop off.  
However, Iowans who traveled to a brick-and-mortar sportsbook turned their luck around in June. These sportsbooks held just 3.5% of their bets last month, compared to the 13% the month prior.  
Bet365 joins Iowa’s crowded market with limited success
Despite the weak handle in the Hawkeye State, most of the 19 operators turned a slight profit in June. Only three sportsbooks were in the red, and one of them was most likely by design.  Bet365 entered the crowded Iowa market last month and certainly spent money on customer acquisitions, and it paid off. The bad news is the UK sportsbook lost $1.5 million in June, but their spending spree brought them to fifth place in the state in terms of handle. Their $3.6 million in action was more than Barstool, BetRivers, and PointsBet, among many others. 
Still, DraftKings maintained its hold on Iowa’s betting market with $39.8 million total handle. FanDuel was second with $27.6 million in bets. Caesars was third with $15.7 million followed by BetMGM with $9 million.  This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/iowa-sports-betting-handle-drops-big-in-june-july-10-2023