A lot of the monthly reports we have been getting in recent months mostly discuss upwards trends in either handle, or revenue, or both. A bookie will look forward to seeing such trends, which is typical for this time of the year. With college basketball and the NBA running, sportsbooks in Iowa are not only seeing better numbers, but are actually recording the highest monthly handle this year.
Numbers from the latest monthly report from the Iowa Gaming and Racing Commission states that the total handle is at $272.3 million, a 23% increase from the previous month. It also beats the previous year-high record set in January. A lot of the credit for the increase in betting in the Hawkeye state goes to March Madness.
While popular in its own right, the Iowa Hawkeyes led by Caitlin Clark enjoyed a surge in popularity not just among fans, but with bettors as well. College sports betting is one of the most popular options in sportsbooks, and it is not surprising to see a lot of wagers coming in from Iowa, a state known for its passion for sports even at the collegiate level. As a bookie offering college sports betting, you will need to be good at knowing when to move your sportsbook lines. Betting on games like NCAA basketball is very fast-paced, much like the sport itself.
Sportsbooks in Iowa: Higher Handle but Lower Year-on-Year Revenue
Even though we are seeing a huge boost in handle, revenue for the month still falls compared to the previous month. The culprit is the hold percentage, which is only at 6.7%. While higher than February’s 6.2% hold, it is still not enough to boost the year-on-year growth, which means that this March’s revenue is 8.5% lower than the same month last year. Net revenue for sportsbooks in the state is at $18.1 million.
Naturally, majority of the wagers come in through online sportsbooks, with the online handle reflecting $254.2 million in wagers. Meanwhile, retail betting nets at $20.4 million. The preference for online betting is consistent with all of the betting markets in the US. The booming sports betting industry is expected to maintain its steady pace in terms of growth. If you want to be a part of this lucrative industry, check out these betting software reviews and find out how you can earn from sports betting.
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