Iowa Sees Record-High Sports Betting Handle After Busy November

Bettors in the Hawkeye State had a busy November. 

The Iowa Gaming and Racing Commission has reported the sports betting market saw a record-setting $315.2 million in wagers last month. That number is up over 6% from October, almost 9% higher than November 2023. The impressive month led to over $2 million in tax revenue.

Iowa has now seen over $10 billion in wagers since legal sports betting went live in August 2019.

Sportsbooks Bounce Back

Iowa’s online sportsbooks also enjoyed a record-setting month, with the public losing many bets. This led to record-high revenue numbers, 113% higher than the previous year and 63% higher than October. The average hold was 9.3%, meaning more taxable revenue for the state.

Last month, sportsbooks were beaten badly. That led to revenue numbers dipping despite an impressive handle.

DraftKings Leads the Way

While all of the state’s online sportsbooks enjoyed some success in November, none outperformed DraftKings. The US-based operator saw over $115 million in wagers for the month, setting a company record in the market. 

The most surprising result from November was FanDuel. While the operator finished in second, its handle was around $34 million lower than its rival. That is a significant amount, especially considering that FanDuel’s numbers were the best it has produced in the state.

Caesars, BetMGM, and bet365 followed far behind DraftKings and FanDuel.

Fanatics On the Rise

While Fanatics finished sixth in handle among all online operators, the results were positive for the operator. It posted over $1 million in monthly revenue for the first time in the Hawkeye State. The operator launched in the market in February 2024.

The November numbers aren’t overwhelming for Fanatics but represent continued national growth. The operator first launched the Fanatics Sportsbooks in January 2023 but expanded quickly after purchasing PointsBets’ US business. This helped Fanatics burst onto the scene, but the late start put them far behind the rest of the industry.

With the platform’s second anniversary approaching next month, Fanatics is finally seeing real growth in key markets across the US. That includes New York, where the operator has outperformed Caesars and BetMGM in finishing third in the monthly handle. While the success in Iowa is far smaller, it still shows that Fanatics’ success isn’t limited to the Empire State.