Iowa sports wagering sees 26.7% monthly drop in April

In April, wagering at Iowa´s online and retail sportsbook slowed to less than $120 million, being the lowest figure since December, but lifetime revenue hit $100 million.

Since the market became legal in 2019, sportsbooks have generated $101.1M in operator revenue, according to PlaylA.com.

Jessica Welman, analyst for PlayIA.com stated: "Seeing $100 million in lifetime revenue is an attention-getting milestone that crystallizes just how much growth Iowa has enjoyed this year. The removal of in-person registration at the beginning of the year has been the catalyst for the industry's expectation-busting start to the year. But other factors have helped, too, including a fierce competition among some of the country's best-known operators, which have been aggressive and creative in reaching new bettors."

Iowa sportsbooks accepted $118.4 million in bets in April, 26.7% down from the record of $161.4 million in wagers in March, and the lowest volume since sportsbooks collected $104.8 million in bets in December, in line with official data released on Friday.

Welman added: "The Iowa market is still a long way from maturity. The largest sportsbooks are in a fight for market share while competitors turn their eyes to Iowa, an increasingly attractive market for emerging operators. The next few months should bring a flurry of activity, as operators jockey for position ahead of football season."

Net operator revenue amounted to $7.7 million in April. That was down 42.6% from April's record $13.5 million in net receipts. April's revenue produced $521,455 in state taxes. Since January, when in-person registration rules were lifted, Iowa sportsbooks have produced $40.2 million in net receipts or 39.8% of the state's lifetime handle.

Sports betting has lightened from April through August in legal U.S. markets without the NFL or the NCAA Tournament.

"Nothing can quite replace the interest that the NFL and the NCAA Tournament drives, so a pullback in April is no surprise. But with a full month of regular season NBA and Major League Baseball, Iowa still put together a decent showing in April. That is an excellent sign as we head into the slower summer months, which could be busier than in an ordinary year because of the Olympics and later-than-usual NBA playoffs,” said Dustin Gouker, analyst for PlayIA.com.

Online betting generated $104.5 million in bets or 88.3% of the state's overall handle as retail betting fell to $13.8 million from $22.1 million in March.

William Hill, which is partners with six Iowa casinos — Prairie Meadows, Horseshoe Casino Council Bluffs, Isle Casino Hotel Waterloo, Isle of Capri Bettendorf, Lakeside, and Harrah's Council Bluffs — topped the market with $39.1 million in handle, including $35.7 million in online wagers. April produced $1.8 million in net receipts.

Wild Rose took in $34.6 million in online and retail bets. That included $34.3 million online. Still, Wild Rose led the market with $2.6 million in net receipts.

FanDuel and BetMGM helped put Diamond Jo in third place with $29.2 million in April bets, which included $26.1 million in online wagering.