Five weekends of football was a major reason for the record setting November for Iowa sportsbooks. | Fredrick Lee on Unsplash
Five weekends of football was a major reason for the record setting November for Iowa sportsbooks. | Fredrick Lee on Unsplash
PlayIA announced that Iowa sportsbooks generated nearly $20 million in revenue on close to $290 million in bets during the month of November. Both those numbers were records.
Online and retail sports books generated $287.2 million in wagers in November, 229.5% more than the $87.2 million wagered during the same month last year, according to a release from PlayIA.
November was a big month for gambling this year because there were five weekends of football. This is the second straight month records have been set, and November was up 2.3% from October’s $280.9 million. Bettors averaged $9.6 million in wagers per day last month, compared to $9.1 million in October.
“The expansion in betting in Iowa over the last three months has set a new floor for the industry," Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayIA, said. "Operators have used the popularity of football to not only attract new customers, but also to expose existing bettors to more diverse forms of betting. The growth this fall will benefit state sportsbooks for the months and years to come.”
For revenue, in November it went up 142.5% to $19.7 million, compared to $8.1 million last year. The previous record was $13.5 in March.
The release stated that the last three months are the highest monthly totals on record in the state of Iowa. Through 11 months the sportsbooks have generated $1.8 billion in wagering, which includes $778.6 million the past three months. If Iowa has another strong month it could reach $2 billion for the year. Sportsbooks have also produced $101.1 million in revenue and $7.8 million in taxes.
In Iowa, the main driver for gambling has been football of late, but Iowa also has plenty of Division 1 college basketball games to bet on as well.
“Football is driving record growth this fall, not just in Iowa but all over the country," PlayUSA Lead Analyst Russ Mitchell said. "But with four Division I basketball programs, Iowa's sportsbooks have an opportunity to grow some more this winter, especially if Iowa and Iowa State continue to play well."
Alerts Sign-up