Iowa Sports Betting Handle Sees Monthly Decline in June
In June, Iowa’s sports betting handle dropped to $146.6 million, a notable decrease from May’s $182.4 million.
Revenue and State Taxes
Despite decline, the state’s sports betting operators managed to secure $12.49 million in net receipts, achieving an 11.7% hold rate. This increase in the hold rate can be attributed to fewer payouts, which fell to $134.1 million from May’s $165.7 million.
The reduction in handle and payouts resulted in lower overall revenue for June, with sportsbooks earning $3.8 million less than the $16.69 million generated in May. Consequently, Iowa’s state tax revenue also saw a decrease, totaling $843,000 for June, which is $276,600 less than May’s figures.
Fiscal Year-to-Date Summary
For the fiscal year to date, Iowa has reported impressive numbers in both retail and online sports betting:
- Total Handle: $2.61 billion
- Total Revenue: $212.25 million
- State Tax Revenue: $14.34 million
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