Recent sports betting revenue reports released in Indiana, Iowa, and Virginia show year-over-year growth in each market. Sports betting across all of these states has blossomed in the last year as the practice becomes even more popular amongst sports fans.
We have the numbers below.
Sports Betting Revenue
The revenue rate is a 10.6% hold rate which is the third highest hold rate in Indiana since launch and is the first time sportsbooks saw over 10% hold on wagers in consecutive months.
Indiana’s successful August is highlighted by its monthly and yearly increases. Sportsbook revenue is up 21.8% month over month compared to July’s $20.9 million and 53.9% year over year compared to August 2021’s $16.5 million in revenue.
Sports betting in Indiana was dominated by MLB betting as baseball wagers saw $77,597,657 of the total betting handle. Football bets saw more than $17.6 million and basketball bets saw more than $12.5 million in bets. Parlays accounted for $64,653,120 of the total handle in Indiana.
Another successful August came for Iowa sportsbooks as they reported $122,568,313.38 in betting handle and $14,418,923.26 in sports net revenue. The report released by the Iowa Racing and Gaming Commission revealed the 12.9% betting handle increase month over month.
Sports betting revenue is also up 29% percent compared to July’s $11.2 million in betting revenue. Iowa sports saw an 11.8% hold rate on revenue which is the fourth highest since launch.
The year-over-year numbers also reflect a continued growth pattern similar to Indiana. Iowa’s betting handle is up 13.1% year over year with revenue up more than 100% comparatively. Iowa’s state coffers saw $969,967.51 in taxes from sports betting.
The adjusted gross revenue (AGR) as reported saw $21,398,776. This comes following deductions through bonuses and promotions. The Old Dominion State has a 15% tax rate for sports betting activity, seeing $3,060,303.71 in total taxes.
Virginia continues the trend of thriving sports betting markets in the US in 2022. Headed into the NFL betting season, sportsbooks are likely to continue this trend of growth.