Online sports betting revenues were just $40,000 shy of February levels last month as Iowa’s regulated market continued its strong recovery.
iGaming Business and Ficom Leisure are delighted to present the Iowa iGaming Dashboard, providing a monthly breakdown of the latest figures from the Hawkeye State’s regulated gambling market.
The data will be updated monthly following the official release of figures from the Iowa Racing and Gaming Commission.
Bookmakers in the state collectively made GGR of $1.32m in July, double June’s figure and coming close to the $1.37m in GGR of February, the last month before Covid-19 sporting cancellations began to impact the market.
Retail GGR actually exceeded February’s total by some way, with July’s $0.9m a huge jump on the last month before lockdown kicked in, when bookies had been in negative territory with GGR of -$0.6m.
However, the positive revenue figures have not yet been matched by handle and on this front the market still has some way to go before it reaches pre-Covid-19 levels.
Punters placed bets worth $17.8m in July, an impressive 53.4% rise on June’s turnover, but still less than half the bets placed in February.
Similarly, in retail handle increased to $5.1m last month, a 363% rise on June but still an almost 75% drop on February.
With some of the state’s big retail players not yet having online offerings, the reopening of land-based casinos in June kick-started a rebalancing of operators’ overall market shares and this continued last month.
While William Hill-partnered Prairie Meadows Racetrack and Casino remains the market leader, its share of the combined online and retail market fell to 23.5% last month, a significant drop on June’s 33.4% but an even bigger fall on May’s 49.1%.
Penn National Gaming’s Ameristar last month returned to form, taking second place with 10.7% of the market. This put it roughly back in line with its market share prior to the closure of land-based casinos in March.
Its success was largely at the expense of DraftKings partner Wild Rose Jefferson, which fell into third place with a market share of 7.3%. Though this was a big drop from its 18.4% share in June, it was largely in line with its market shares of the preceding three months.
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