The latest state to do so is Iowa, with its sportsbooks breaking a new record in both handle (total wagers) and revenue, generating $19.7m in revenue from nearly $290m in bets for November.
The state is close to reaching $2bn in betting for the year.
Iowa’s online and retail sportsbooks generated $287.2m in bets for November, up 230% from $87.2m for November 2020. The month’s handle was up 2% from the October's record tally of $280.9m.
Bettors placed $9.6m in wagers per day during the 30 days of the month, topping October’s $9.1m daily.
Revenue showed a 143% increase year-on-year and a 201% increase compared to the previous month. November’s gains produced a record $2.1m in tax revenue for the state.
So far, the state’s sportsbooks have generated $1.8bn in wagering (including $778.6m over the last three months), $101.1m in revenue (including $32m over the last three months) and $7.8m in taxes (including $3.1m over the last three months).
The last three months represent the three highest monthly handles in the state’s fledgling history.
Online betting represented 91% of the state’s total handle for November, producing $16.8m in revenue, while retail betting created $2.9m in net receipts.
The online market was led by Caesars, with $104m in bets and $4.7m in revenue. DraftKings placed second with $75.1m in online wagering. Barstool Sports, which launched on 2 November, generated $9.7m in handle.
Diamond Jo Worth topped the retail market with $6.7m in wagers and $2.3m in revenue. Ameristar Council Bluffs was second with $5.6m in wagers and $1.8m in net receipts.
