Iowa witnessed a drop in the sports betting volume for the second consecutive month through May. The volume fell a few streaks back from the peak which was at the highest just two months earlier.
Analysts have already warned about the latest Hawkeye State as a reminder it won’t likely flourish until the NFL season flourish because this is when the sports betting industry witnesses major growth.
Bettors placed their bets worth $114.9 million in wager at Iowa sportsbook in May which is almost $161.4 million earned in March. The betting wagers fell to $3.7 million per day in 31 days in May from $3.9 million over the 30 days in April.
Operators reached revenue of $6.1 million in May which was reduced by $7.7 million recorded in the month before. The resulting tax revenue was $414,175. The online bets placed were around $9.99 million and represented 87% of the state’s overall handle.
Retail betting was accounted to be $15 million which is showed a significant high from $13.8 million
Analyst from PlayIA.com, Jessica Welman, said, “There is no avoiding a summer slowdown, but Iowa’s sportsbooks are in a remarkably better position than this time last year when there was still so much uncertainty.”
“Sportsbooks will continue to be innovative this summer in an effort to keep bettors engaged with the remaining NBA season, baseball, and other sports, including the Olympics. Contrast that to last summer when most were in survival mode.”
William Hill, which has partnered with six casinos present in Iowa, led the market with $37.6 million in bets which includes $35.3 million in online betting.
William Hill’s combined retail and online handle came down from $39.1 million in April and produced $1.1 million in net receipt.
Wild Rose, which also included BetRivers and DraftKings, came second with $33.8 million in retail and online wagering which came down from $34.6 million in April. Bets worth $33.5 million were made online, Wild Rose presented a net receipt worth $1.4 million.
Motivated by BetMGM and FanDuel, Diamond Jo earned around $27.6 million as a combined wager which also includes $24.3 million in an online wagering. The combined bet led to net receipt to $2.5 million.
Welman added, “New operators will be pushing to launch ahead of football season, which will shake up the market a bit. But for the moment, it appears the market leaders in Iowa are entrenched.”