For the first time since March, the Iowa sports betting market reports seeing an increase in month-over-month betting activity. This is quite remarkable, considering August is still considered as one of the slower months in sports betting. If you read reports from Bookie Interaction, you may see reports on other markets and their performance this summer. For Iowa, their numbers are good enough that they were able to generate a higher online betting handle in August. High enough to beat the total handle for retail and online betting for June and July combined.
Iowa Sports Betting in August
According to the latest report from the Iowa Racing and Gaming Commission (IIRC), the total monthly handle is $166.99 million. This is 20% higher than July’s $138.1 million. And with a 9.43% hold, revenue is at $15.76 million. This is 13.5% higher than the previous month’s revenue.
The Iowa sports betting market is also showing year-over-year gains, a testament to an ever-expanding betting market. August’s $166.99 million is 18.2% higher than August 2023’s $141.3 million. Meanwhile, the $15.76 million revenue recorded is 16.6% higher than that of August 2023’s revenue.
Online sports betting remains to be the more popular option for bettors, accounting for 94% of the handle, and at least 82% of revenue. Meanwhile, retail sportsbooks record $10.88 million in handle, generating $2.71 million in revenue. With online wagering being the preferred option by bettors, its become quite an investment to create an online sportsbook business. Not only is it lucrative, but one can easily start a sportsbook with the right bookie software.
Iowa Braces for Football Season
There are a few reasons why the Iowa sports betting handle jumped in August. For one, the year-on-year increase in numbers shows a larger betting market. Another reason is a busier sports calendar. Aside from other sports like soccer, tennis, and golf, baseball betting helps maintain the handle. The Olympics also generated a lot of attention from fans, and a lot of wagers from bettors, too. This is especially true for US sports betting, with many nationalistic bettors rooting for Team USA athletes. The US consistently stays at the top of the medal race in the Olympics.
Sportsbooks have also started to see preseason betting on football. NCAA football started towards the end of August, while September represents the start of the NFL season. Both leagues are very popular amongst bettors, and it is expected to see both handle and revenue pick up in September. Football is, after all, the most popular sport that people bet on in the US. Thus, once the lines are out for the incoming season, we will see an uptick in betting activity. Iowa is not just one of the largest betting markets, but they are also a state known for their passion for football.
This is why if you plan on starting a sportsbook, you should do it while the football season is still in the early stages. These sportsbook pay per head reviews can help you find a good bookie software, so you can get started. The sooner you launch your sportsbook, the higher your revenue from football betting will be.
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