Iowa’s wagering increased month over month for the first time since March, with the state almost reaching the $1 billion milestone for the year.
In August, Iowa’s online and retail sportsbooks took in $108.4 million in wagers, up 21.1 percent from $88.9 million in July (March: $161.4 million). During the 31 days of August, bettors put $3.5 million each day, up from $2.9 million per day in July.
Despite the higher throughput, operator revenue dropped 14.3 percent to $6.6 million in August from $7.7 million in July, yielding in $486,608 in tax revenue for the state.
August wagering was up 115 percent year over year, compared to $50.3 million in August 2020. Meanwhile, income in August increased by 120 percent from $3 million in August 2020. Since January 1, Iowa sportsbooks have taken in $997 million in wagers, falling just short of the $1 billion mark for the year.
Eric Ramsey, analyst for the PlayUSA network said: “Futures betting and a handful of college games are enough to move the needle. That’s how important football is to the sports betting industry.
“August is a precursor for what should be the busiest stretch of the year. Optimistic projections for the last four months put the state past $1.7 billion in wagers for the year.”
In August, $96.1 million in bets were placed online, accounting for 88.6 percent of the state’s total volume. The remaining $12.4 million came from retail betting.
With $34.8 million in online wagers and $229,427 in net receipts, William Hill dominated the internet market. DraftKings came in second place with $29.9 million in online wagering and a market-leading $2.3 million in revenue.
With $3.6 million in wagers and $643,585 in earnings, Ameristar Council Bluffs topped the retail market. Diamond Jo Worth came in second with $3.4 million in bets and $246,324 in profit.
Russ Mitchell, lead analyst for PlayIA added: “Operators have been jockeying for market share since the beginning of the year, but the real test comes with the beginning of the football season.
“If operators put in place a solid strategy for reaching out to customers over the summer, the fruits of that labour will start to come in September.”