Iowa sports betting revenue plunges to $5.8m in November
Sports betting revenue in Iowa fell 70.9 per cent year-on-year in November.
US.- The Iowa Racing and Gaming Commission has reported sports betting revenue of $5.8m for November. That’s a 70.9 per cent decline compared to November 2021 ($19.9m) and a 69.6 per cent decrease from October 2022. Of the total, $3.9m came from online sports betting and the remaining $1.9m from retail sportsbooks.
The abrupt fall was due to heavy losses on the result of the 2022 World Series baseball. Operators paid out large amounts of winnings to businessman Jim ‘Mattress Mack’ McIngvale, who bet on the Houston Astros to win.
In terms of sports betting handle, the Iowa Racing and Gaming Commission reported that players wagered $247.5m, down 13.9 per cent year-on-year but up 3.6 per cent compared to the $238.8m wagered in October 2022. Of the total, $223.5m was bet online and $24m at retail facilities.
Diamond Jo in Dubuque, which has a FanDuel sportsbook, retained its place at the front of the market with $6.2m in revenue from $53.5m in bets. Diamond Jo in Worth, which also has a FanDuel sportsbook, followed with $1.9m in revenue from $26.1m in bets. Wild Rose in Jefferson with DraftKings took $1.8m from a $38.2m handle. The state took $1.6m in sports betting tax.
