Iowa’s regulated sports betting market has recorded a 36.4% month-on-month decline in revenue for November, after a rise in handle was accompanied by an increase in payouts to customers.
Amounts wagered for the month were up 27.6% from October at $59.3m, with signs that the gap between retail and internet is starting to widen.
Total retail handle for the month climbed 24.8% to $25.7m, with online ahead on $33.7m, up 29.9%, the figures from the Iowa Racing and Gaming Commission show.
However, a total of $55.7m was paid out to customers in November, leaving revenue of $3.6m, compared to $5.7m for the prior month. Retail’s revenue contribution – $2.1m – was once again higher than online, which accounted for the remaining $1.5m.
Looking at the individual licensees, the William Hill-powered sportsbook at Prairie Meadows Racetrack & Casino continued to lead the market, with revenue of $1.0m, down 40.6%. This comprised $159,449.60 from its retail sportsbook, and a further $879,136.11 from online.
Prairie Meadows was the only operator to generate sports betting revenue above $1m in November, with the closest challenger being the FanDuel-powered offering at the Diamond Jo Casino. It reported revenue of $403,309.75, which all came from retail as the venue is yet to launch its online offering.
Penn National Gaming’s Ameristar Council Bluffs followed in third, with revenue of $343,339.58, down 26.5% from October.
The month’s decline in revenue saw the tax take from sports betting decline, falling 36.3% to $242,902.78. Since the market opened on August 15, the state had collected $1.1m in betting tax.
Customers have staked a total of $153.0m, with customers winning back $136.6m, leaving revenue of $16.4m.