The entire United States sports betting industry is waiting for football to return this Fall to help boost the overall sports betting numbers. While the total numbers from August are still small compared to other months, there were two states in the Midwest that saw a nice boost.
Indiana and Iowa were both early entrants into the legal sports betting industry, and they set the tone for the Midwest portion of the country. Despite getting off to such a fast start, other states in that part of the U.S. have now passed them up.
The total sports betting handle numbers were still low in August, but each state saw a pretty significant jump in the total revenue. Mobile sports betting continues to lead the way in each state as well, but the retail sportsbooks are winning big.
Indiana Posts Huge Revenue
The state of Indiana was able to post a total adjusted gross revenue of $25.4 million for the month of August, and it was baseball that helped get that done. Indiana sportsbooks posted a hold rate of 10.7%, and that rate has only been topped two times since sportsbooks launched in 2019.
The sportsbooks in Indiana have actually won 10% of the wagers for back-to-back months, and that hasn’t happened since this industry first launched. Total sports betting revenue increased by 21.8% from July, but bettors are typically able to perform better once football begins.
Indiana has now brought in $19.6 million in tax revenue in 2022, which is nearly $4 million ahead of the pace set a year ago. The total sports betting handle has also flew past the pace set last year, and that trend should continue moving forward.
The big news from the report in Indiana is the fact that DraftKings Sportsbook was able to top FanDuel Sportsbook in terms of total sports betting handle. FanDuel has been on top of the market since March, but it fell just shy of its biggest competitor.
Retail sportsbooks stepped up in a big way last month as that total handle was over $18 million. The hold rate for these properties was also significantly higher than the mobile sportsbooks, as they won 14.1% of wagers.
Retail Sportsbooks Have Big Win in Iowa
The overall numbers for the state of Iowa are much lower than that of Indiana, except in the win rate category. While the online win rate numbers are close, retail sportsbooks in Iowa won over 21% of all bets placed for the month.
Iowa hadn’t seen numbers like that since August 2019, when bettors were first given the opportunity to place bets in the state. Retail sports betting also grew to over $12 million, and this is a state that very rarely sees total bets over $10 million for a month.
The entire sports betting industry produced a revenue of $14.4 million for the month of August, based on the report from the Iowa Racing and Gaming Commission. This revenue barely edged out other big months in Iowa as the state has posted a total over $14 million three times in 2022.
DraftKings Sportsbook has been the leader in Iowa in most months, and that was the case in August as well. DraftKings posted a total sports betting handle of $33.2 million and also a revenue of $3.5 million.
FanDuel and Caesars Sportsbook finished in second and third place for the month of August in both handle and revenue.