Iowa Sets Third Consecutive Sports Betting Handle Record
December 17, 2020
It's very clear that sports bettors from Iowa are enjoying the current NFL season despite the challenges being presented by the COVID19 pandemic. For the third consecutive month, Iowa bettors help state bookmakers break the state's record for sports betting handle with the November number coming in at a robust $87.2 million. That's a 6.4% increase over the $81.9 million recorded in October.
To get some perspective on how well things are going in the Hawkeye state, sports betting handle for the last three months has been just over $241 million, which represents a 35.4% increase over the same three months of 2019. The year 2019 was the first year that Iowa sports bettors were allowed to legally bet on the NFL.
The gross profit margin or hold for the bookmakers in November came back at 9.34%, which translated into $8.1 million in revenue. In October, the hold percentage was significantly higher, which led to the current monthly record of %9.1 million in revenue. As for the state coffers, they will be getting $550K in tax revenue for November and a combined $1.16 million collected over the past two months.
A Look at the Mobile Sports Betting Numbers
With limited retail sports betting access in the state's 18 land-based casinos, much of Iowa's sports betting handle is coming from online sources.
In line with the state's overall sports betting handle, handle from online sources also set a one-month record. The state's mobile gambling handle came in at a $62.4 million in handle, which tops the previous mark set in October of nearly $56.9 million.
Leading the way among mobile online sports gambling providers was once again William Hill. The bookmaker generated just a little under $27 million in handle for November across its six retail hubs. Coming in at a close second was Draftkings, which brought in about slightly less than $15.1 for the month.
All of these numbers bode well for bookmakers heading into the end of 2020. With NCAA Women's and Men's basketball fully underway and the NBA joining suit later in the month, it's very likely Iowa bookmakers will see another record in December.
It's noteworthy that states like New Jersey, Nevada, and Pennsylvania are seeing similar results. Going into next year, the gambling industry is looking for major populated states like Ohio and Texas to finally get sports betting legislation across the finish line.