Iowa Sports Betting Rides Caitlyn Clark to a Decent April 2024

The financials for Iowa sports betting in April 2024 have been released, showing a mix of results. Betting activity decreased from March due to the NCAA Basketball tournament, but year-over-year numbers were positive. The top sports betting sites in Iowa experienced growth during this period.

The Iowa Racing and Gaming Commission’s April revenue report does not provide a breakdown of handle numbers by sport, but it is clear that there was a significant increase in betting activity during the month due to the popularity of the Iowa Hawkeyes, led by Caitlyn Clark. The team played two games in April, both of which were the most-watched women’s basketball games in history.

In April 2024, Iowa sports betting apps and retail providers experienced their most successful month in history in terms of handle.

$209.5 million in accepted bets

In April, Iowa sports betting sites saw a total of $209.5 million in bets placed by Iowa bettors. This amount was 23.1% lower than the previous month’s total of $272 million in March, but it marked a 21.4% increase compared to the $172.6 million wagered in April 2023.

The Iowa handle may not surpass $200 million again until September, when the NFL season begins.

Iowa’s sports betting apps accounted for $196.6 million of the total handle, with $12.9 million generated by retail sportsbooks in the state.

$16.5 million April revenue

In Iowa, the top sports betting sites generated $16.5 million in adjusted revenue with a modest 7.9% hold. Residents have access to various promotions offered by Iowa sportsbooks. The handle saw a slight decrease of 9.3% compared to March, but showed a significant 17.1% increase from the previous year, reaching $14.1 million in April 2023.

Iowa sports betting apps generated $15.7 million in revenue for the state, compared to just over $812K from retail sources.

In April, Iowa sports betting providers paid $1.1 million in tax revenue, bringing the year-to-date total tax contribution to $4.8 million. This is $641,000 more than the same time last year.

DraftKings leads the way

DraftKings emerged victorious as the top Iowa sports betting site, boasting a total handle of $73.1 million and revenue of $6.2 million with an 8.5% hold.

In Iowa, FanDuel came in second place with $57.4 million in bets and $5.8 million in revenue from a 10.1% hold. Caesars Underscoreg followed in third with $20.6 million in wagers and $964,000 in revenue from a lower 4.7% win rate.

In April, BetMGM ranked fourth in total handle at $14.7 million, generating $934,300 in revenue from a 6.4% hold rate. Following closely behind was bet365 with an $8.7 million handle, and ESPN BET with $7.5 million in wagers.