Iowa Sportsbooks Set September Revenue Record With $27.5 Million

The Iowa Racing and Gaming Commission reported a record $27.5 million in sports betting revenue for September on Friday as DraftKings set all-time state highs for handle and revenue.

Operators across the Hawkeye State combined for a 10.1% hold against $270.8 million handle as they bettered the previous record for revenue set at last December at $26.2 million. Handle was up 10.2% from last year, while revenue was 14.1% higher than September 2023. Wagering also surged 62.2% versus August, with revenue up 74.3%.

It was the second time in three months that Iowa sportsbooks attained a double-digit hold, but it was just the second time in state history that it was achieved with a minimum $200 million handle. The previous instance came in September 2022, when the house had a 12.7% win rate on $200.2 million worth of wagers.

The state collected nearly $1.9 million in taxes, and the $10.6 million that has flowed into its coffers for the year is $1.6 million ahead of the first nine months of 2023.

DraftKings Accomplishes an Iowa First

DraftKings became the first, and still only, operator to surpass $100 million in monthly handle in Iowa when it topped that benchmark by $123,000 last November.

DraftKings went further in September with $108.4 million, which helped it become the first mobile sportsbook to reach $10 million in monthly winnings with close to $10.8 million, as it posted a 9.9% hold. The September haul was a 24.7% increase compared to last year, as DraftKings also surpassed $200 million in total revenue in the state.

FanDuel's all-time winnings in Iowa cleared $125 million after claiming $6.9 million with a 10.8% win rate against $64.3 million worth of wagers. FanDuel topped $450 million for year-to-date handle and $1.8 billion overall.

Caesars crossed $100 million in all-time revenue after claiming $2.4 million from $25.8 million handle. But handle and revenue were down compared to September 2023, with wagering off 20.6% and revenue off 6.3%.

BetMGM was a comfortable fourth in both categories, accumulating $1.7 million in revenue from $19.8 million handle to fashion an 8.6% hold. That pushed its year-to-date revenue over $10 million.

Bet365 rounded out the group of five with eight-figure handles, accepting $11.3 million worth of wagers and posting $1.2 million in winnings with a 10.2% hold. It was the second time the England-based sportsbook surpassed $1 million in winnings in Iowa, also doing so with $1.2 million in September 2023.

Despite the record revenue, two sportsbooks finished in the red for September. Circa had an all-time monthly high for handle with more than $3.1 million, but bettors came out $79,500 ahead. Betting exchange platform Sporttrade topped $1 million in handle for the first time since entering the state in May, but it paid out $14,600 above the $1.2 million in wagers taken in.

The $24.5 million in mobile revenue was an all-time high in the state, eclipsing the previous standard of $23.6 million last December. The 9.7% win rate marked the second time in three months that it was above 9.5%.