The Iowa sports betting industry got off to a great start in 2021, setting new records in several categories during the month of January. The biggest reason for the record-setting month is that remote registration is now available in the state as of Jan. 1.
Total sports wagering handle climbed all the way up to $149.5 million in January, representing an increase of more than 42 percent from December. Iowa finished the 2020 year strong, but it appears that bigger things are in store for 2021.
Iowa has now set a new monthly record for sports betting handle five months in a row, and it is starting to emerge as a large market in the US. The Hawkeye State launched sports betting in 2019, but it hasn’t really taken off until recently.
Sports betting revenue came in at $11.3 million for the month of January, which was an increase of more than 50 percent from December. Year-by-year comparisons show revenue up over 250 percent and handle up by 157 percent.
Several new sportsbook apps launched in January, as these operators were waiting for remote registration to be available. Some of these new online sports betting options include BetMGM, PointsBet, and William Hill.
Online Betting Dominates Market
It should come as no surprise that online betting brought in a majority of the handle and revenue as bettors were able to sign up for an account without having to visit a casino. Mobile betting accounted for 80.7 percent of all bets placed in January, but this number is still below the national average.
There are 18 different casinos in Iowa that offer sports betting, and 17 of them now offer some form of online betting. Mobile handle grew by nearly $50 million month-over-month, and this growth is expected to be even larger in the coming months.
FanDuel Leads the Way
FanDuel Sportsbook has emerged as a leader in Iowa, and that remained the case during January. FanDuel currently operates sports betting at two casinos, and these locations combined for more than $35 million in bets.
William Hill offers sports betting through the Prairie Meadows Casino, and it came in second place with a handle of $23.1 million. DraftKings brought in $22 million in handle in January to come in as the third-largest operator for the month.
Most of these sportsbooks will now shift their focus to online offerings and worry less about retail sports betting now that remote registration is available.
Looking to Compete With Illinois
Now that remote registration is available in Iowa, the state is expected to compete with Illinois in the coming months. Illinois has turned into the clear leader in the Midwest, but Iowa’s in-person registration kept the market from taking off.
The Quad Cities area is expected to become extremely competitive as bettors from each state can now quickly cross the border and bet in each state. There are retail sports betting options in this portion of the US as well, but it is online sportsbook apps that continue to draw the most action.