Sports betting revenue in Iowa increased year-on-year and month-on-month in May despite the state experiencing an ongoing drop in handle.
Consumer spending for the month amounted to $147.7m, marginally down from $147.9m in May 2022 and also 14.6% behind $172.9m in April this year.
This marked the second consecutive month of handle decline in the state.
Of the total amount wagered by players, $135.2m was bet online and $12.5m at retail sports betting facilities.
Turning to revenue, this reached $16.6m, an increase of 31.8% from $12.6m last year and also 17.7% ahead of $14.1m in April 2023.
Some $15.0m of monthly revenue came from online sports wagering, while the remaining $1.6m was attributed to retail betting.
Diamond Jo Dubuque leads the way
Analyzing each operator’s performance, Diamond Jo in Dubuque and its tethered FanDuel sportsbook remained the market leader. The casino posted $4.5m in revenue from a $36.5m handle.
Wild Rose in Jefferson and DraftKings was next with $2.3m in revenue from $22.3m in bets. Diamond Jo in Worth, which also has a FanDuel sportsbook, followed with $2.1m off a $17.3m handle.
Sports betting tax for the month amounted to $1.1m, while players won $131.1m.