Iowa sports betting handle has set a new record for the third consecutive month.
Iowa bettors wagered over $87.16 million last month, an increase of over 6% from October. It’s continued upward trajectory sets the stage for Iowa sportsbooks to top $100 million in monthly handle in 2021. It also bodes well for incoming sportsbook operators.
Iowa November sports betting handle sets another record
This month’s record saw an improvement of around 32% on the November 2019 handle; however, the market was far less robust then. Online sportsbooks, such as DraftKings and FanDuel, had yet to launch online.
IA sportsbooks collectively held more than $8.14 million in November 2020, which gave them a win rate of about 9.3%. Revenue dropped slightly from last month, which set a new record for the state’s books at $9.09 million.
The online component accounted for a slightly higher piece of the pie than last month. About 71.5% of November 2020 handle came from online wagers.
Once again, William Hill Sportsbook won in terms of online market share, thanks to its strong retail presence in the state. William Hill took in just under 31% of all dollars wagered online in IA last month.
|Licensee||Online Brand(s)||Handle||Online Handle||Retail Handle||Revenue||Taxes (6.75%)|
|Prairie Meadows||William Hill||$19,213,127||$17,767,520||$1,445,607||$1,768,922||$119,402|
|Wild Rose - Jefferson||DraftKings||$10,684,909||$10,468,595||$216,314||$335,116||$22,620|
|Diamond Jo - Worth||FanDuel||$8,779,989||$3,372,870||$5,407,118||$1,026,330||$69,277|
|Diamond Jo - Dubuque||FanDuel||$6,656,386||$5,680,478||$975,908||$739,054||$49,886|
|Isle - Waterloo||William Hill||$5,762,408||$5,048,793||$713,615||$446,284||$30,124|
|Wild Rose - Clinton||DraftKings||$3,489,804||$3,240,123||$249,681||$180,321||$12,172|
|Isle - Bettendorf||William Hill||$2,487,536||$1,894,521||$593,015||$312,580||$21,099|
|Hard Rock||Hard Rock||$2,211,123||$1,282,789||$928,334||$215,142||$14,522|
|Grand Falls||Elite | Betfred||$2,085,636||$871,188||$1,214,448||$259,825||$17,538|
|Q Casino||Q Sportsbook||$1,556,832||$1,007,126||$549,706||$101,106||$6,825|
|Wild Rose - Emmetsburg||DraftKings||$1,491,300||$1,370,810||$120,490||$148,879||$10,049|
William Hill’s market dominance may not be so ironclad for much longer, although that will be through no fault of its own. The circumstances that created the brand’s winning ways are about to change.
What’s led to William Hill’s big market share?
William Hill has played the game better than anyone else in Iowa; however, the game is about to change.
To this point, IA bettors who wish to open accounts with online sportsbooks have had to complete the registration process at brick-and-mortar sportsbooks inside Iowa casinos.
William Hill formed strategic partnerships in that regard. Not only are there more William Hill retail sportsbooks in the state, but the books are in the state’s most populated regions.
That meant for people in those areas, signing up for William Hill and thus betting with that book was the most convenient option. State law will soon turn that on its head, however.
On Dec. 31, 2020, the in-person registration mandate will sunset. At that point, those within Iowa state lines will be able to complete the entire sign-up process for sportsbook accounts entirely online.
In addition, the number of online sportsbook options should increase soon. New operators 888 Sportsbook, BetRivers and Vigtory are set to enter the market in an online-only fashion.
It’s possible for William Hill to gain new customers through online registration as well. Which operator comes out on top in the new year could likely boil down to marketing.
With online registration and a new set of operators, IA sports betting may hit $100 million in a month sometime next year. William Hill will have to pump some money into the state if it wants to keep its lead.