The Iowa sports betting numbers are in for October, and the Hawkeye State saw another record-setting month for sportsbooks. In October, Iowa posted new records for sports betting handle, mobile handle, and revenue.
Iowa posted a total sports betting handle of more than $81 million during October, which was an increase of more than 13% from September. September is traditionally a huge month for the sports betting industry, but that momentum carried over into October.
What is even better news for Iowa is that the $81 million is an increase of more than 76% from the October 2019 numbers. Sports betting officially kicked off in August 2019, so October of last year was the second full month of the industry.
Iowa currently has an in-person registration requirement, and that has kept the market back from being competitive with some other states. When that requirement goes away on January 1, 2021, Iowa is expected to see another huge boost in revenue and betting handle.
Low Mobile Percentage Numbers
Another factor of the in-person registration requirement is that the mobile percentage of sports handle is relatively low compared to some other states. The mobile handle accounted for just 70% of the total handle, and this does not reflect what is going on in other states in the industry.
New Jersey and Pennsylvania have both seen more than 90% of all bets placed through a mobile deceive, and these are two of the biggest betting markets. Indiana just announced that almost 87% of all wagers were placed online or through a mobile device in October.
Iowa is still posting some huge numbers, but the industry will do much better when the mobile portion of the industry takes off.
All Sports Betting Numbers Up
The biggest announcement coming out of Iowa was the increase in all three categories, but the numbers paint an even better picture of just how well the industry is doing. Total handle and mobile handle are both up over 13% from September, and that number is expected to continue to climb in the coming months.
Revenue was the most significant change during October, as sportsbooks brought in more than $9 million last month. Total revenue increase by more than 76% in October and that has to make state lawmakers extremely happy.
Competition Heating Up Between Sportsbooks
Iowa has several big-name operators in the market already, and that has created a ton of competition. FanDuel Sportsbook has been a leader in Iowa since launch, and that company continued to lead the way in October.
FanDuel Sportsbooks saw at least a 34% increase in betting handle at their two Iowa properties in Dubuque and Worth. These properties did not bring in the largest number of bets, but it did have the most growth.
The Prairie Meadows Casino accounted for more than $19 million in total handle, which led the way in Iowa. A majority of that property’s bets came from mobile bets, which has been the case since the resumption of live sporting events.