Lisa Cheban | 07 June, 2023 11:23 | Last update on: 07 June, 2023 11:23
Iowa has released its sports betting financial report for April 2023, and the numbers are not encouraging. The latest numbers show that online casino sportsbook revenues in The Hawkeye State plummeted in April after the March Madness. Could this be an indicator of a dry spell ahead? Time will tell!
After taking in $232.6 million in wagers in March, the state’s sports betting outlets only took in $172.5 million in April, according to the Iowa Racing and Gaming Commission. The regulator says that this represents a monthly decline of 25.8%.
The report further adds that sportsbooks pocketed $14.1 million only in net profits after paying out $158.4 million to bettors. This means the total winnings in the state during April stands at $172.5 million. Even though the hold percentage decreased somewhat from 8.5% to 8.2%, that’s still higher than February’s 6.1%.
Unsurprisingly, net betting receipts decreased by 28.8% to $14.1 million. In addition, the state’s coffers saw just $958,605 after collecting $1.29 million in March, meaning Iowa’s tax revenue could not escape the decline.
Meanwhile, online betting is still the preferred way for gamblers in the state. The latest numbers show that less than 9% of wagers were made at in-person venues.
Of the total $14.1 million collected in revenues, online bookies registered $13.4 million, with retail outlets standing at $675,249. Although the state’s total income increased from $12.4 million at the same time last year, it’s still 29.2% less than March numbers.
Prominent Betting Brands Continue to Dominate the Market
As the general betting market in the state experienced reduced numbers, DraftKings and FanDuel maintained their leading positions. With a handle of $55.8 million and earnings of $5.6 million, DraftKings leads the pack in the state. FanDuel is second with $41.9 million in wagers and $5 million in revenue. Together, these betting giants contributed 75% of the state’s earnings, up from 59% in March.
The Iowa regulator listed Caesars third revenue-wise with a profit of $1.5 million, followed by BetMGM with $1.3 million. The other betting apps in the state with six-figure numbers were PointsBet, which collected $341,938) and BetRivers, which maxed out at $231,699.
It’s to be noted that Iowa currently has up to 18 legal sports betting operators, with only one of them reporting losses in March. Up to six sports betting companies were operating in the red this time.
If this financial report is anything to go by, the state’s regulator and operators have their job cut out for them. Other sports betting states, including New York, have reported increased revenues in April.