Home » US round-up: Iowa FY24 handle tops $2.6bn, mixed June for Maine

US round-up: Iowa FY24 handle tops $2.6bn, mixed June for Maine

US round-up: Iowa FY24 handle tops .6bn, mixed June for Maine

Rounding up the latest US state reports, iGB analyses growth in the Iowa sports betting during the state’s 2024 financial year and a mixed June for Maine.

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.