Iowa Sportsbooks Collect Lowest Handle of 2024 in April

Iowa’s sports betting operators cashed a total of $16.6 million in net receipts, good for a 7.9% win percentage (hold). Unlike the other metrics, operator revenue was not actually the lowest in 2024.

Contributor
May 13, 2024 • 19:04 ET • 4 min read
Caitlin Clark Iowa Hawkeyes WNCAAB
Photo By - USA TODAY Sports

April’s wagering total was also a 23.1% decrease from March’s $272.4 million handle, which was the sixth highest in Iowa sports betting history. 

Iowa’s sports betting operators cashed a total of $16.6 million in net receipts, good for a 7.9% win percentage (hold). Unlike the other metrics, operator revenue was not actually the lowest in 2024. February’s $13.6 million was the low mark, while January drove $22.1 million in revenue for Iowa sportsbooks. March finished with $18.2 million in net receipts from sports betting in Iowa. 

State coffers hauled in $1.1 million in taxes, just shy of March’s $1.2 million. 

April’s numbers bring Iowa sports betting to the following year-to-date results across all retail and online wagering:

  • $2.3 billion in handle
  • $183.1 million in total revenue
  • $12.4 million in state tax

Yearly Comparisons

Despite low marks compared to the other months of 2024, Iowa sports betting has actually improved its financial performance year-over-year. 

April 2023 saw a $172.6 million handle with Iowa sportsbooks generating $14.2 million in revenue from an 8.2% hold. The state drove $958,605.19 in taxes from April last year too, so overall the only metric that didn’t increase year-over-year was the hold percentage. 

Best Online Sportsbooks In Iowa

Online sportsbooks in Iowa accounted for 94% of all wagering activity, as the Iowa Racing and Gaming Commission reported a $196.6 million online handle in April. This is a month-over-month decline from the $252 million collected by Iowa online sports betting sites in March and is the lowest online handle in 2024 so far. However, April’s online wagering represents a year-over-year increase from the $157.5 million online handle reported in April 2023. 

Iowa online sportsbooks generated $15.7 million in revenue, good for a 9.7% hold. March’s action earned the operators $16.6 million in online revenue (6.6% hold), but April’s revenue still represents a year-over-year increase from the $13.4 million (8.5%) earned by operators in April 2023.

DraftKings and Fanduel continued to dominate online sports betting in Iowa last month, accounting for 66% of the total online handle. They were also the only two operators to break the million-dollar mark for revenue.

Operator April Handle Revenue
DraftKings $73.1 million $6.2 million
FanDuel $57.4 million $5.8 million
Caesars $20.6 million $964K
BetMGM $14.7 million $934.3K
bet365 $8.7 million $604.9K
ESPN BET $7.5 million $765.3K 

Fanatics missed the Top 6 with a $5.3 million handle in April, just two months after completing the migration from PointsBet to Fanatics Sportsbook.

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