Sports betting struggles in Iowa

Sports betting struggles in Iowa

The state of Iowa posted its lowest sports betting revenue in December as it registered US$2.9 million.

US.- The Iowa Racing and Gaming Commission has released the financial results from December, where the market posted a 19.3% decline from November. Sports betting handle also declined by 0.1%.

While the percentage is lower than November’s, this is the lowest that Iowa has registered in a full month since it kicked off its sports betting operations. Sports betting handle was also different from the previous month, as it totalled a 0.1% decline but a successful month in winnings.

Revenue from online betting operations rose 20.5% to US$1.8 million and was bigger than retail. Sports betting handle from online operations was US$33.5 million, also a 0.6% decrease from November. Retail revenue fell 49% to US$1.1 million.

November’s results

In November, the market posted a 36.4% month-on-month decline. These results came despite an increase in sports betting handle. People in the state spent US$59.3 million in sports betting, which represents a 27.6% rise from October. November also set a bigger difference between online and retail sports betting. Online sports betting registered US$33.7 million in sports bets, which is a 29.9% increase. However, retail posted a 24.8% decline to US$25.7 million.

Despite the handle results, the state posted a 36.4% decline due to a higher amount paid to customers. The total paid out was US$55.7 million, which translated into US$3.6 million in revenue. The retail vertical accounted for US$2.1 million, while online totalled US$1.5 million.

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