In the latest sports betting report on sports betting in Iowa, we are seeing a drop in betting handle, but an increase in revenue. According to the Iowa Racing and Gaming Commission, the state’s sportsbooks took in $229.9 million in wagers for December 2022. Many pph sportsbook operations have seen an increase in handle towards the end of the year, but this is not the case for the local betting market.
The handle is 7.2% lower than November’s $247.5 million for both retail and online betting. But even though we have a decrease in handle, Iowa sportsbooks still earned well, and have a good increase in monthly taxable revenue.
Sports Betting in Iowa Report for December
If we look at the numbers for revenue, the taxable revenue for December was $20.7 million. This is as much as four times higher than the revenue for November, which was $5.8 million. Meanwhile, October’s revenue was $19.4 million. If you use bookie software, you will need to be familiar with trends, especially for revenue. This can help you determine the direction of your sportsbook in the months to come. It will also give you an idea on how much you are earning out of how much handle you get each month. For Iowa, the fluctuation in revenue is due to the hold percentage.
Out of the $229.9 million, payouts for bettors in Iowa got $209 million in winnings. This is a 9% hold. This difference is quite huge compared to November’s 2.3% win rate. It can be hard to predict the direction of either revenue or betting handle given the difference in handle. From July to November, we saw an increase from $108.5 million in July to 427.5 million. The handle decreased in December to $229.9 million. Hopefully, the handle will pick up this January, and carry on to February, a very profitable month for sportsbooks. And if you need a good sportsbook software, these bookie pay per head reviews can help you find the best one to use.