Iowa Sets New Sports Betting Revenue Record in March

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Sports wagering revenue in Iowa reached a new record of $13.5m in March, while the US state’s handle also hit a new monthly high of $161.4m.

The revenue total represented a 1,025.0% increase on the $1.2m reported in the same month 2020, the month in which the novel coronavirus (Covid-19) pandemic shuttered the state’s casinos and saw major leagues suspended. It also marked a 75.3% month-over-month rise on the $7.7m posted in February this year, as well as breaking January’s $11.3m revenue record.

Online sports betting accounted for $10.3m of total revenue for the month, some way ahead of retail on $3.1m. Handle also reached a record high of $161.4m, beating the previous record of $149.5m in January by 8.0%. This total was also 723.5% higher than $19.6m in March 2020.

Consumers spent $139.4m on internet sports betting during March, which is no longer subject to an in-person registration requirement, compared to $22.1m at retail sportsbooks. Players won $147.4m from sports wagering in the month, while operators paid a total of $908,011 in tax.

For the financial year to date, total sports betting revenue in the nine months to the end of March was $67.7m, with $46.7m attributed to online operations and $21.0m retail. Handle reached $874.0m in the nine-month period, $685.5m of which was spent online and $188.5m at retail sportsbooks.

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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