Increase in Iowa Sports Betting Handle and Revenue for March

Written By Aleeyah Jadavji on April 11, 2023 - Last Updated on May 5, 2023
March Iowa sports betting handle

March was a much better month for sports betting in Iowa.

In February, there was a $40 million decrease in handle from January, and retail sportsbooks lost almost $600,000 in revenue.

For March, Iowa’s sports betting handle increased to $232.6 million, and revenue was up across the board.

Mobile sportsbooks make up 89.8% of Iowa’s sports betting handle

March is generally a busy month in the sports betting world with the big NCAA basketball tournament happening. March Madness was the surge Iowa needed to recover from a dismal February.

The total handle for the month was $232.6 million. Mobile sportsbooks collected $208.9 million in bets, and retail wagers came in at $23.6 million.

Mobile sports betting in Iowa made up 89.8% of the overall sports betting handle in the state.

With the online sports betting handle for March a little over $208 million, and after paying out $191.5 million, the overall profit was $17.5 million. This is up from $12.5 million in profit last month.

Retail sportsbooks back in the green

There may have been almost a $600,000 loss for retail sportsbooks in February, but Iowa rebounded in March.

After bringing in $23.6 million in bets and paying out $21.3 million, Iowa retailers booked a tidy profit of $2.3 million for the month.

Horseshoe Casino Council Bluffs booked the biggest retail profit bringing in $3.4 million in bets, paying out $2.9 million, and turning a profit of $511,064.

Ameristar II profited $431,551, and Diamond Jo, Worth made $360,918 to make up the top three retail sportsbooks for profit.

Lakeside Casino was the only property that did not make any money from retail wagers. They took in $288,806 in wagers but paid out $292,097 for a loss of $3,291. Lakeside did turn a profit of $29,530 overall for the month compared to a loss of just over $46,000 last month.

State tax bounces back for Iowa

February saw a dip in taxes from sports betting revenue as it dropped to $789,626 after being at $1.1 million in January.

For the month of March, Iowa collected almost $1.3 million from sports gambling revenue for a healthy increase month-over-month.

Iowa’s sports betting tax is a low 6.75%, but unlike most other states, there is no plan in place for the money.

As of now, the funds go into a ‘general fund,’ and the state can decide what to do with it.

Photo by Wayne Parry / AP Photo
Aleeyah Jadavji Avatar
Written by
Aleeyah Jadavji

Aleeyah hails from Toronto, Ontario in Canada and has been working predominantly in the poker industry since 2015. From writing articles to interviewing big winners and live reporting on poker's biggest stages, she's seen it all. Aleeyah loves to cook and create content to showcase her passion for food and travel. She now reports on all facets of the growing U.S. gambling industry.

View all posts by Aleeyah Jadavji