Iowa: FanDuel and DraftKings less dominant as sportsbooks generate over $280m in October handle
Iowa sportsbooks generated over $280m in bets for October, breaking September’s record for monthly wagers by $70m. The state’s sportsbooks have collected more in wagers over the last three months ($599.8m) than in all of 2020 ($575.2m).
Eric Ramsey, an Analyst for PlayUSA, commented: “With baseball’s postseason, the start of the NBA, and a calendar packed with football, bettors found so much to bet on.
“Iowa has also made a significant leap forward in maturation as more operators launch and Iowans begin to feel more comfortable with online sports betting. A maturing market and busy sports calendar proved to be a powerful combination.”
The state’s online and retail sportsbooks accepted $280.9m in bets, up 243% compared to October 2020. Players wagered an average of $9.1m per day during the month. Since launching, Iowa’s sportsbooks have taken in $2.3bn in wagers.
Bettors showed the most interest in online gambling, which accounted for 89% of October’s handle, while retail betting represented $31m.
Caesars led the online market with $97m in bets, while DraftKings followed with $76.4m in online wagers. The retail market was topped by Diamond Jo Worth, with $7.2m in bets, and Ameristar Council Bluffs came in second with a $7.1m handle.
Ramsey concluded: “Iowa is an enticing market for operators because it has a fair regulatory framework and top operators, such as FanDuel and DraftKings, don’t dominate the market as much as in other states. That provides an opportunity for smaller operators to gain a foothold, which does not exist in larger and more established markets.”
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