- Iowa sportsbooks have given over $50 million to the State of Iowa because of sports betting taxes.
- Beating expectations for Fiscal Year 2023, we estimate the production for FY 2024 will be even higher.
- Since launch, Iowa sportsbooks have taken in over $10 billion in legal sports betting wagers.
DES MOINES, Iowa – With the latest monthly revenue report from the Iowa Racing and Gaming Commission, Iowa broke two major sports betting milestones. With November wagers accounted, Iowa has officially taken in over $50 million in taxes from legal sports betting.
This comes from $10,086,929,276 being wagered all time. Last month, Iowa sportsbooks saw record numbers across the board, helping them break the $10 billion milestone for the amount of money bet on sports in Iowa.
| Record | Month | Total | Previous Record |
|---|---|---|---|
| Highest Monthly Handle | November 2024 | $315,221,241 | $303,327,688 (Jan. 2022) |
| Highest Monthly Revenue | November 2024 | $30,069,719 | $27,459,491 (Sept. 2024) |
| Highest Monthly Tax Benefits | November 2024 | $2,028,995 | $1,853,516 (Sept. 2024) |
The latest numbers also put Iowa sports betting in a positive growth across all categories since 2021. Though this accounts for 11 months of 2024 betting action, Iowa surpassed all metrics year over year.
| Year | Handle | Revenue | Hold Rate | Tax Benefits |
|---|---|---|---|---|
| 2021 | $2,053,708,513 | $125,512,412 | 6.11% | $8,472,088 |
| 2022 | $2,348,065,964 | $165,551,990 | 7.05% | $11,174,759 |
| 2023 | $2,420,464,385 | $198,810,523 | 8.21% | $13,434,370 |
| 2024* | $2,477,216,274 | $205,196,056 | 8.28% | $13,867,086 |
- *December still unreported
Compare It To Expectations
Per sports betting rules in Iowa, all tax benefits from local sportsbooks head into the state’s General Fund. The tax benefits from sportsbooks come from them paying 6.75% of their revenue.
According to the Iowa Budget Recap for FY 2023, Iowa sportsbooks are doing better than anticipated. The FY 2023 General Fund budget ended with total resources of $10.043 billion – quite the surplus. While sports betting isn’t the main reason for this, the expected numbers are reflective of sportsbooks success, beating out the Estimated General Fund Revenue. Expecting $7 million for FY 2023 (July to June), this number was closer to $14 million.
As for FY 2024, with much of the NFL betting season behind us, we good a decent look into the first half of their year. Iowa sportsbooks could break this figure even more, with LegalSportsBetting estimating this number to be closer to $16 million for the FY 2024.
Advertising Disclosure
In order to provide you with the best independent sports betting news and content LegalSportsBetting.com may receive a commission from partners when you make a purchase through a link on our site.
News tags: Iowa | Iowa General Fund | Iowa Racing and Gaming Commission | NFL
After spending time scouting college basketball for Florida State University under Leonard Hamilton and the University of Alabama under Anthony Grant, Michael started writing focused on NBA content. A graduate of both schools, he now covers legal sports betting bills, sports betting revenue data, tennis betting odds, and sportsbook reviews. Michael likes to play basketball, hike, and kayak when not glued to the TV watching midlevel tennis matches.
College Football Betting
Best Online Sports Betting
Best Legal NFL Betting
States With Legal Sports Betting
Sports Betting Events
