The fall has been an excellent time for legal sports betting in the United States. Football season has created record handles throughout the nation, and the one region where this has been evident in the Midwest.
Iowa is the latest state to release its sports betting numbers for October, and the handle came in at $281 million, smashing the previous record set in September. With the continuation of football, hockey, and basketball, Iowa could be poised for larger totals in the coming months.
The October Numbers
In September, Iowa sportsbooks hit a record high of $210.4 million. This was a substantial record for the state, but football continued to drive the total upwards. The October handle came in at $280.9 million, which was a 33.5% increase from September.
Additionally, the yearly growth from October 2020 was 243%, when the handle was $81.9 million. People in the state favored mobile betting as usual in October. This trend has been highlighted throughout the United States because of the accessibility of mobile wagers.
Online operators collected $250 million in wagers, a 34% increase from September’s previous record of $186.5 million. It was 339% higher than October 2020, when the total was $56.9 million.
The massive handle resulted in a monthly revenue increase, but the state won more in October 2020, which was disappointing. However, large handles will result in more revenue over time.
The revenue came in at $6.6 million for the month, a 14.7% rise from September’s $5.7 million total. Nevertheless, it dropped 27.8% from October 2020s $9.1 million total.
The state taxes were $515,642 from the winnings following the $512,951 collected in September. The month’s tax collection was approximately $100,000 than October 2020.
The Latest Launch
Iowa sports betting is continuing to expand. All 19 sportsbooks in the state have retail sportsbooks, and the mobile operators are continuing to launch. The highly anticipated Fubo Sportsbook recently went live in Iowa.
The Fubo Sportsbook app is integrated with the streaming platform, so people can watch games and bet at the same time with a subscription. This is a revolutionary product that should start a trend in the industry.
Fubo partnered with Casino Queen to receive market access. This was the last casino not to offer sports betting in the state. Scott Butera, president of Fubo Gaming, was quoted in the press release following the launch.
He said; “We’re thrilled to launch Fubo Sportsbook and begin to bring U.S. sports fans a next-level interactive viewing and betting experience — one entirely tailored to the sports and entertainment they care about most. As the industry continues to expand, it is increasingly important to meet sports fans’ growing demand for personalized and immersive experiences. By integrating with fuboTV, we aim to make that a reality.”
Iowa’s casinos also stood out throughout the month. Isle Casino Waterloo had the highest October handle with $47.3 million. This is the second straight month the casino had the largest handle in the state.
Diamond Ju Dubuque came in at second with a $39.4 million handle. Wild Rose was third with a $35.4 million handle, up to eight million from September.
