Iowa Sports Betting Sets Record in October with $80M Handle

Spread the Word:

Iowa has posted a record-setting month for the sports betting industry in the state in October with more than $80 million in handle.

According to the Iowa Racing and Gaming Commission (IRGC) report that was released on Monday, the Hawkeye State accepted $81.9 million in wagers in October. Besides, October also boasted as the record second consecutive month, representing a 13% increase from September’s $72.4 million.

The IRGC also revealed that sports betting revenue increased 60.8% year-on-year in October, thanks to the muscular growth in online handle for the month. Considering the current situation around the US, the current growth is both surprising and welcoming for the industry.

More Details

The same report said that Iowa paid out $72.8 million in winning bets, leaving $9.1 million in revenue, with around a third of the amount coming in from retail books while the remaining two-thirds came online.

This is particularly impressive for the Hawkeye State, considering the sports calendar has moved from all four major sports playing to only football and playoff baseball. The NBA Finals at the beginning of October helped somewhat as the calendar shifted.

Sports betting increased over 76% year-on-year from the last year’s October handle of $46.5 million. Both retail and online sports betting increased this October as the Iowa sports betting industry grew. William Hill also landed on the state’s market last month, leading to more growth.

While retail handle grew 21.6% from the previous year at $25 million, money wagered online more than doubled year-on-year to approximately $57 million, representing a 13.7% increase from September 2020’s total.

After payouts of $72.8 million, the remaining revenue of $9.1 million broke down to $2.7 million from retail betting (down 9.8%), and $6.4 million from mobile betting (up 140%).

What Keeps Iowas Sports Betting Going?

It is a welcoming sign for the Iowa sports betting industry to grow with back-to-back record-breaking months. As it is exciting for the sports betting fans, it is equally crucial for the state, which collected $613,000 in taxes. September numbers often reflect a lower handle and taxes because of a high influx of sign-ups ahead of the football season. Obviously, new customers mean more bonus money and free play.

William Hill entered the Iowa sports betting market last month and helped swell October’s handle. The London-based betting operator, which is recently acquired by the American company Caesars, saw roughly $35 million in wagers through them in October.

Online betting is also taking over in the state as $56.9 million was wagered online compared to the $25 million worth of retail handle.

However, what particularly kept Iowa going on in October was Big Ten football returning to the state. The Hawkeye State could also benefit largely from two games at the end of the month. Besides, the visiting customers from Nebraska might have helped Iowa continue its record-setting months, thanks to the sportsbooks situated near the Iowa-Nebraska border.

Will Iowa Witness More Growth?

Though the state’s betting handle continues to increase, the growth is at a snail’s pace. It is critical to see how William Hill fares during its first full month in the Iowa sports betting market. Depending upon its performance, in addition to other contributing factors, the Hawkeye State could see another record-setting jump in betting handle in November.

Furthermore, a full month of Big Ten football will also define November, especially considering Iowa is expecting visiting customers from two bordering states, Nebraska and Minnesota. Besides, the role of online betting will continue to define and dominate in Iowa sports betting market as the leading factor.

Related News

Colorado flag
October 29, 2020

Colorado Sports Betting Sets a Record with $207M Handle in September

Colorado sports betting welcomed its first September as a regulated market by setting a record with more than $200 million wagered. According to the Colorado Department of Revenue’s Division of […]

read more
Indiana city skyline
November 13, 2020

Indiana Sets Record With $231M Sports Betting Handle in October

Indiana sports betting has exceeded expectations with a handle of $230.9 million in October, with $21.1 million in revenue. According to Indiana Gaming Commission that released its report on Tuesday, […]

read more
Scoreboard app
November 29, 2020

Oregon Sports Betting Posts Record-Breaking Handle in October

Oregon sports betting continues the general trend by posting its most successful month in October since it was legalized in August 2019. According to the figures posted last week on […]

read more
New Hampshire map
February 24, 2021

New Hampshire Sets Sports Betting Handle Record in January

New Hampshire sports betting hit another record Tuesday, which saw the state’s sportsbooks amassing $59.8 million in handle this January. According to the figures released by the New Hampshire Lottery, […]

read more
Des Moines
March 8, 2021

Iowa Sports Betting Handle Sets New Milestones in February

Iowa sports betting has posted a decent total of $143.62 million for February, representing a 4% dip from an all-time high in January. Like sports betting handle, revenue also saw […]

read more
October 15, 2020

New Jersey Sets A Record-Breaking Sports Betting Handle

The state of New Jersey has recorded an unprecedented boom in sports betting in August, with around a $668 million betting handle. Amid all the adversities including the coronavirus pandemic, […]

read more
Jersey Skyline
October 25, 2020

New Jersey Sports Betting Handle Sets National Record in September

The New Jersey sports betting market has set a new national record in September with around $748 million in betting handle. According to figures released by the New Jersey Division […]

read more
Negative Pennsylvania Sportsbook Revenue
October 25, 2020

Pennsylvania Sports Betting Sets Record with $462 Handle

Pennsylvania sports betting market broke its own record in September with $462 million in handle, representing 26.8% up from its previous best. The Keystone State has joined the party along […]

read more
Iowa Hawkeyes player
April 11, 2021

Iowa Sets Sports Betting Handle, Revenue Record in March

After a cloudy month, the sun shines on US sports betting as Iowa sets a new monthly record in sports betting handle and revenue. According to the Iowa Racing and […]

read more
Bronco's football stadium
December 2, 2020

Colorado Sets New Sports Betting Handle Record in October

Colorado sports betting set a new monthly record for the state with a best-ever $210.7 million handle in October since the industry was legalized in May. According to the official […]

read more
Philadelphia
November 22, 2020

Pennsylvania Shatters Sports Betting Record of $525M Handle in October

Pennsylvania has seen another record-shattering month as it posted more than $525 million sports betting handle in October. With these numbers, Pennsylvania joins Nevada and New Jersey as the third […]

read more
Hollywood Casino Ohio
November 16, 2020

Ohio Casinos & Racinos Post Record Revenue in October

Ohio casinos and racinos have achieved another record month in October while posting $169 million in gambling revenue. According to Ohio Casino Control Commission that released its data on Monday, […]

read more

Stay Updated & Receive Exclusive Offers

Be the first to know when new states legalize online gambling and gain access to exclusive casino and sports betting promotional offers.