The Iowa Racing and Gaming Commission revealed its latest monthly report for legal sports betting in the state.
Iowa sportsbooks accepted $233.6 million in total bets from players both in-person and online during January 2023. That’s a 23% decrease from January 2022’s $303.3 million. However, it is still more than $229.9 million set in December 2022.
Despite decreased handle, Iowa sports betting revenue is on the YOY rise
Although players spent less money placing bets last month than in January 2022, Iowa’s sports betting revenue increased.
Iowa’s sports betting revenue for January 2023 was $16.5 million, a 15.38% increase from $14.3m in January last year. However, the figure is still behind the $20.4 million set in December 2022.
Out of the total $16.5 million bet, $15.3m was generated through online sports betting. The remaining $1.25m in net revenue came from in-person wagers.
Iowa sports betting apps’ January 2023 breakdown
Players spent $207.7m betting on sports online in Iowa last month. Meanwhile, $25.9m was generated from betting at physical sportsbooks inside Iowa casinos as players’ winnings totaled $217.1m.
Diamond Jo in Dubuque was the most successful in Iowa’s gambling market. Its FanDuel Sportsbook generated $5.84 million in revenue from a $56.1m handle.
Wild Rose in Jefferson and its DraftKings Sportsbook got more than $2.0 million in revenue and $34.2 million in total bets.
Diamond Jo in Worth was next. Through its FanDuel betting platform, the operator’s revenue was $1.7m from a $25.46 million handle.
Caesars generated 1,73 million in revenue from a $35.5 million handle. The operator spent $33.8 million on payouts.
BetMGM was next with a $1.72 million revenue that came from 17.2 million in total bets.
Thirteen Iowa sportsbooks brought more than $500,000 in the handle. Sports betting tax for January 2023 was $1.1m.