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Iowa betting revenue declines despite new handle record in September


Iowa reported a third straight month of sports betting revenue decline in September despite the state’s handle reaching a new monthly record of $210.4m.

Handle was up 190.6% year-on-year from $72.4m in September 2020 and 94.1% higher than 108.4% in August of this year, also comfortably surpassing the previous monthly record of $161.4m set in March 2021.

Online betting was responsible for $186.5m in sports wagers during the month, while the remaining $23.9m was spent at retail sportsbook locations in Iowa.

In terms of operators, Caesars Entertainment (American Wagering Inc) ranked first in the online market with a handle of $66.5m, ahead of DraftKings (Crown IA Gaming LLC) with $64.8m.

Caesars-operated Isle Casino Hotel Waterloo was also the most successful sports wagering outlet with combined retail and online handle of $33.6m in September.

However, turning to revenue and this totalled $5.7m, which was up 9.6% from $5.2m last year, but also the lowest monthly amount since September 2020.

The figure was also 13.6% down from $6.6m in August of this year and the third consecutive month of decline in the state.

Retail facilities turned the most revenue during the month, posting $4.2m in total, whereas online operations generated just $1.5m in revenue despite their far superior handle.

Flutter Entertainemnt-owned Betfair Interactive was by far the leading online operator in September with $1.8m in revenue, but DraftKings was the least successful, posting a loss of $1.9m.

Diamond Jo Dubuque, which is partnered with Flutter’s FanDuel brand, led the one market in terms of Iowa outlets, reporting $1.8m in revenue for the month. In contrast, Wild Rose Jefferson and DraftKings saw a loss of $739,928.