Iowa’s sports betting market closed out its 2024 fiscal year with growth in June, while Maine sports betting operators DraftKings and Caesars reported a decline in handle for the month.
Iowa market up 14% in 2024 fiscal year
Iowa reported year-on-year growth across revenue and handle for the full year to 30 June. Maine, meanwhile, saw sports betting revenue rise month-on-month despite lower spending among consumers.
Starting in Iowa, betting handle for the year hit $2.62bn (£2.05bn/€2.43bn). This is 16.4% higher than the $2.25bn spent in the previous year. Online wagers amounted to $2.41bn while retail spend totalled $207.1m.
In revenue terms, this amounted to $212.3m, an increase of 14.0% from 2023. Of this, $193.5m came from betting over the internet and $18.7m retail sportsbooks.
Looking at individual operators’ performance for mobile betting, DraftKings led the way in FY2024. Customers wagered $930.5m, leaving gross revenue of $76.7m after player winnings. FanDuel followed with online stakes of $627.6m, and revenue of $62.0m.
Caesars made up the top three, with customers wagering $309.9m and revenue of $18.4m.
Total tax for the 12 months to 30 June 2024 was $14.3m, from a 6.75% tax on gross revenue.
Year-on-year growth for Iowa in June
Meanwhile, Iowa has also published its monthly results for June. These reveal a handle of $146.7m, 26.9% ahead of $115.6m last year but 19.6% less than May this year. Some $136.7m was bet online, while $10.0m was bet at retail sportsbooks.
As for revenue, this amounted to $12.5m, up 17.3% year-on-year though 25.2% lower than May’s $16.7m when the NBA and NHL seasons were drawing to a conclusion. The total includes $11.9m in online revenue and $562,886 from retail.
DraftKings again topped the table in terms of handle, with $53.0m staked. However, a weak hold of 7.7% meant revenue came to $4.1m, meaning FanDuel’s 12.7% hold from $33.7m wagered meant it performed strongest in terms of revenue, on $4.3m.
Maine sports betting revenue up despite handle dip
Moving into Maine, handle for June came to $39.5m, a slight decline from $39.9m in May, Gambling Control Unit figures show.
However adjusted gross receipts for the Passamaquoddy Tribe and the three Wabanaki nations came to $3.4m, up marginally month-over-month. With the first bets placed in November 2023, there isn’t yet any year-on-year comparisons.
DraftKings, partnered with the Passamaquoddy tribe, was the more successful of the state’s two approved operators. For June, it posted $3.0m in revenue from a $33.2m handle.
Caesars, the only other licence-holder in Maine, posted $421,713 in revenue off $6.3m in total bets. The operator works with three Wabanaki nations: the Houlton band of Maliseet Indians, Mi’kmaq nation and Penobscot nation.
From Maine’s 10% gross revenue tax, operators paid $300,342 to the state.
Original article: https://igamingbusiness.com/finance/iowa-fy24-handle-mixed-june-maine/
