Despite the 2023 Super Bowl taking place in February, many states reported slumps in sports betting handle. Iowa is no exception.
Sports betting in Iowa handled nearly $194 million during the month. That’s a drop-off of almost $40 million from January, when the state’s retail and online operators handled more than $233 million.
Retail sports betting outlets lose nearly $600,000
Brick-and-mortar sports betting facilities had a very rough month. Casinos and in-person sportsbooks handled $17.69 million, but paid out $18.28 million.
10 of Iowa’s 19 retail outlets reported losses for the month of February. The biggest loser was Diamond Jo’s Worth sportsbook, which dropped more than $305,000. That outlet as a whole, though, made $784,000 over the month thanks to online sports betting profits.
Online sports betting in Iowa, meanwhile, handled more than $176 million and produced better news for operators. They paid out shy of $164 million in winning bets, resulting in $11.87 million in total sports betting revenue across all online and in-person providers.
Iowa sports betting revenue also down
Like with handle, that February number represents a steep drop. In January, Iowa sports betting operators reported profits of $16.54 million. That number was also a month-to-month decrease, as December 2022 saw sportsbooks profit $20.75 million.
The February revenue total is the lowest since August of last year. During that month, Iowa sportsbooks handled just shy of $123 million.
Iowa sports betting generated nearly $790,000 in tax money for the state’s coffers in February. That’s another dip from January, when the industry produced more than $1.1 million in that category.
It’s safe to assume much of the drop can be attributed to the end of football season. However, better news could be on the horizon.
NCAA basketball tournament set to tip off
March Madness’s round of 64 tips off Thursday, and three Iowa teams will be in action. Iowa, Iowa State and Drake all made the field, which should inspire plenty of enthusiasm and betting dollars.
Sportsbooks handled $233 million last March and grossed more than $14.4 million in revenue. Both numbers represented significant increases from February of 2022, where handle was just shy of $216 million and revenue checked in at nearly $8.6 million.