Inch-high Earnings: Iowa Surpasses $20 Million Monthly Income for a Second Time Historic Event in December
In the bustling world of sports betting, Iowa has been making some serious moolah. Despite furniture magnate,Jim "Mattress Mack" McIngvale's occasional hijinks, operators in the Hawkeye State raked in a whopping $165.6 million in revenue for 2022, marking a substantial 45.4% jump compared to the previous year.
December alone saw about $20.7 million in revenue, making it the second time in 41 months Iowa sports wagering operators cleared $20 million in monthly revenue. This figure eclipses the November total of $5.8 million, which had taken a hit from McIngvale's $10 million payday cashing $1 million Houston Astros futures bets with Betfred and Unibet.
McIngvale's big win did put a dent in the grand scheme, but the house still managed to cruise through 2022. The surge in revenue was aided by a 15% increase in annual handle to $2.3 billion and a 7.1% win rate that was 1.5 percentage points higher than last year. State coffers reaped the rewards, pocketing $12.3 million in tax receipts for the year, a $3.6 million increase from the previous year.
The handles for December were down compared to both the prior month and December 2021, declining 7.1% and 13.7%, respectively. Yet, these numbers were still impressive enough to make Iowa the 12th state to surpass $5 billion handle in the post-PASPA era. DraftKings was the frontrunner among top mobile sports betting apps, raking in $6 million in revenue and accepting $69.8 million in wagers for December, cementing its position as a key player in Iowa's sports betting scene. FanDuel followed closely behind, with a state-best 10.2% hold for the final month of the year, claiming $5.1 million in revenue from $50.4 million in bets.
Brick-and-mortar sportsbooks ended the year on a high note as well. The 18 retail books in operation combined for a 13.5% hold in December, with all five double-digit monthly holds posted in the second half of the year. Diamond Jo in Worth led the pack with nearly $5.4 million in revenue, while Ameristar Casino in Council Bluffs trailed closely with nearly $5.4 million thanks to a 10.8% win rate on $50 million in wagers.
In conclusion, the Iowa sports betting landscape is thriving, with key players like DraftKings and FanDuel dominating the mobile betting space, and retail books also holding a significant presence. Despite McIngvale's occasional big wins, the industry managed to post impressive revenue figures for 2022, with continued growth projected for the coming years.
Sports betting revenue in Iowa reached an astounding $165.6 million in 2022, marking a significant 45.4% increase from the previous year. This substantial payout was due to a combined effort from both mobile betting apps like DraftKings and FanDuel, and brick-and-mortar sportsbooks. The surge in revenue was propelled by a 15% increase in the annual handle and a 7.1% win rate that was 1.5 percentage points higher than the previous year.
