Iowa sportsbooks soared to yet more highs during March, after the region’s betting entities bucked the US trend one month earlier by scoring a per-day wagering improvement.
For the month, online and retail sportsbooks combined to take in $161.4m in wagers, which is an eight per cent uptick from $143.6m in wagers in February and topped the record $149.5m scored in the opening month of the year.
Per-day betting finished up at $5.2m in the 31 days of March, which was up from the record $5.1m bet per day during the 28 days of February.
The record month resulted in $13.5m in net receipts for sportsbooks, an increase from $7.7m in February and breaking the previous high of $11.3m set in January. March’s bets yielded $908,011 in state taxes, yet another high.
“Iowa was one of the few legal sports betting jurisdictions to actually improve per-day betting in February, so it is no surprise that sportsbooks set new highs in March,” noted Jessica Welman, an analyst for PlayIA.com.
“With new operators coming online and the in-person registration requirement long gone, the Hawkeye State is well-positioned ahead of the inevitable summer slowdown.”
William Hill, which partners in Iowa with Prairie Meadows, Horseshoe Casino Council Bluffs, Isle Casino Hotel Waterloo, Isle of Capri Bettendorf, Lakeside, and Harrah’s Council Bluffs, narrowly led the market with $49.5m in retail and online handle, which included $43m in digital wagers for the month.
However, it is added that the two largest sportsbooks in the country continue to gain ground, with The Wild Rose license, which is anchored by DraftKings but includes BetRivers, coming in second with a $44.3m total handle, as well as topping online betting with $43.7m. FanDuel and BetMGM helped put Diamond Jo in third place with $42.8m in bets, including $37.7m in online bets.
“It will not be easy for William Hill to fend off DraftKings and FanDuel,” Welman added. “The two largest sportsbooks in the country have brought a lot of marketing know-how to the state, and that has led to continued gains. Ultimately, though, bettors are the beneficiaries as they all compete for attention.”