Iowa sports betting sees handle rise, maintain decline in October

Hawkeye State saw another monthly increase in legal sports betting handling in October, although the nearly $240 million in wagers was lower than the October 2021 figure.

Last Updated: November 11, 2022 2:14 PM ET
Reading time: 4 mins

Iowa sports betting continued its positive momentum, posting another monthly increase in the number of legal sports bets after last month’s huge spike in betting.

The Iowa Racing and Gaming Commission reported today that sports betting generated $238.7 million in bets in October, a 16% increase over September’s numbers.

Year-over-year, however, showed a surprising decline in sports betting, as the October 2021 handle was $280.9 million… 15% higher than October.

Iowa sports betting revenue (including retail and online sports betting sites) fell 24% from the prior month. Successful bettors are causing the drop up to $19.4 million in revenue, as sthe portbooks held just 8% of the bets they took, snapping a three-month streak of double-digit hold rates and well below September’s 12.6% win rate.

The state’s 19 casinos and 19 mobile partners ended up paying $1.29 million in taxes, up from $1.7 in September.

SuperBook says hello to Iowa

On October 27, the SuperBook began accepting bets in the Hawkeye State, winning $39,236 in bets as the Las Vegas-based operator attempts to enter a competitive market.

Newcomer ClutchBet made its US debut in Iowa at the end of September and in its first 10 days it hit $163,263 in wagers. Now, in its first full month of operation, ClutchBet ranked 14th out of 19 sportsbooks in the state in terms of handle.

Unibet and Fubo say goodbye

While SuperBook sees potential in the Iowa market, Unibet and Fubo Sportsbook don’t seem so confident.

Kindred Group Plc, the parent company of Unibet, announced in its third quarter earnings call that it would pull out of Hawkeye State to focus on other territories.

FuboTV, on the other hand, first looked for a partner to help it with its struggling bookmaker, then announced it was ceasing all operations of Fubo Sportsbook, and more recently hinted that the book is still in business. life – and still looking for a partner.

The October report perfectly illustrates the financial burden of the two Crown corporations. Unibet was the last of 18 sportsbooks that were operational for the whole month… and Fubo Sportsbook was the penultimate.

On top of that, both were unprofitable this month: Unibet shelled out $22,171 more than they took in and Fubo shelled out $43,052 on their handle, joining Q Sportsbook, Betway and TwinSpires as Iowa sportsbooks lost money in October.

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