The experts at IowaBets.com have assembled this guide to explain what we mean when we talk about Iowa sports betting revenue and sportsbook handle that the state reports each month.
There is an active market with many online or mobile operators as well as a growing number of retail sports wagering options at brick-and-mortar casinos in the Hawkeye State.
The handle is the total amount of money bet on sports in the state each month. In Iowa, bettors wager an average of hundreds of millions of dollars monthly. Legal sports betting in the state launched in August 2019 via legal, regulated sports operators. Most of the action, as is the case in markets nationwide, comes through online sportsbooks, many of which offer Iowa sports betting promos.
The Iowa online gambling revenue on sports refers to the amount that operators have left after they pay out winning bets. From there, bookmakers pay 6.75% tax to the state on the adjusted gross revenue.
The month of October smiled upon Iowa sportsbooks, with a 3.9% month-over-month increase in total sports betting handle and slight increases in wagering revenue (0.5%) and state tax (0.8%).
Overall, Iowa sportsbooks took in $255,293,522 in total sports betting handle in October, which climbed 3.9% from September’s total of $245,759,020. Of that total, $231,789,985 came from online wagers (up 4.2% from September’s total of $222,346,243).
On the revenue side of the aisle, Iowa sportsbooks chipped in $24,189,825 in October, which was up 0.5% from September’s total of $24,059,083, while the Hawkeye State’s tax bill wound up at $1,636,357 during the 10th month of the year.
That tax bill represented a 0.8% increase from September’s total of $1,623,694, putting the final touch on a strong month for Iowa sportsbooks during the month of October.
As far as individual operators were concerned, DraftKings Sportsbook Iowa was the top dog in October, with a total handle of $93,978,638, beating out FanDuel Sportsbook Iowa ($61,137,138) for the top spot among Iowa sportsbooks.
Trailing those two giants were Caesars Sportsbook Iowa ($30,484,408), BetMGM Sportsbook Iowa ($16,069,214) and Bet365 Iowa ($8,879,641) — putting the final note on the month of October in the Hawkeye State.
In 2022, Iowa sportsbooks took in $2,348,065,964 worth of wagering handle, the third full calendar year of wagering in the Hawkeye State.
Iowa’s sports betting tax rate is 6.75% for online and retail sportsbooks. That’s what operators pay to the state out of the adjusted gross revenue derived from sports wagering once winning bets are paid out.
The Iowa Racing and Gaming Commission has released monthly wagering reports since launching in 2019.
Iowa tax revenue from sports betting goes toward the state’s general fund, with roughly $11.5 million going towards that collection between 2020 and 2022.
The Iowa Racing and Gaming Commission is tasked with regulating the state’s mobile and retail sports betting operators.
Mobile sports betting handle refers to the amount of money wagered on mobile devices, laptops or desktop computers via online Iowa sportsbook apps. Customers can often take advantage of Iowa sports betting promo codes when using these online operators. In Iowa, sports betting is done either at a retail location or on one of the 17 licensed online sportsbooks in the state (Barstool Sportsbook, BetMGM Sportsbook, Caesars Sportsbook, DraftKings Sportsbook, FanDuel Sportsbook, PointsBet and others).
Handle refers to the amount of money wagered in a month. If a handle is reported as $350 million, that means that the operators in the state combined to accept that much money from people betting on sports. Revenue refers to what’s left over after winning bets are paid out; Iowa gaming revenue on sports is taxed based on the amount of adjusted gross revenue each month.
The experts at IowaBets who bring you the latest updates in Iowa sports betting. We pull together decades of experience to give you analysis as well as comparisons of the best IA online gambling apps.