Iowa sports betting handle reaches $230M in December, FY23 tops $1.1B

According to the latest report from the State Racing and Gaming Commission, Iowa's sportsbooks accepted $229.9 million in wagers in December. The figure represents a 7% drop in wagering activity from the previous month's sports betting handle of $247.4 million and a 13.7% decrease from the same month in 2021. The numbers also bring the financial year-to-date total sports wagering handle to just over $1.1 billion.

In terms of revenue, December saw a massive month-on-month surge in sports betting win, with a 251.7% increase from the previous month. During the period, total earnings were $20.4 million, which was also a 52.2% increase from the $13.4 million in the same month the prior year. 

During the last month of 2022, the vast majority of sports betting came from online sources, with mobile sports betting apps taking in more than $206.9 million in wagers, or 90% of all bets. Conversely, retail sportsbooks only handled around $23 million in bets, a decrease of 3.7% from the previous month.

Sports betting payouts in the state totaled $189.2 million through online sportsbooks and $19.9 million at retail outlets in the last month. Online net receipts were $17.6 million while retail receipts reached $3.1 million. The state collected $1.3 million in taxes from sports wagers, representing an 18.1% surge from the month before, despite a lower overall handle. 

Diamond Jo in Dubuque, which has a FanDuel sportsbook, retained its place as the Iowa sports betting retail market leader by accepting over $51.3 million in wagers during the month while Wild Rose in Jefferson was next on the list with $34.1 million.

The IRGC also gave a breakdown of online sports betting activity revealing that the mobile market leader was Crown IA Gaming with over $69.8 million in wagers coming through its mobile sports betting apps. Betfair Interactive was the nearest competitor with an online handle of $50.4 million.