Sports Betting Revenue Reports: Iowa, Indiana, Virginia

Written By Giovanni Shorter on September 14, 2022
Sports Betting Revenue

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.

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Sports Betting Revenue

Indiana

Indiana sportsbooks saw $237,990,176 bet on sports in August 2022. The Indiana Gaming Commission reported $25,448,278 in sports betting revenue with $2,417,586 going to sports wagering tax.

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.

Iowa

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.

Virginia

Virginia sportsbooks saw $266,001,583 in wagers in July 2022 which is up 64% year over year. The Virginia Lottery reports a 9.78% hold rate for $26,024,408 in revenue.

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.

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Written by
Giovanni Shorter

Giovanni Shorter is a sports enthusiast and writer with a passion for the legal and industry side of the sports betting market. Giovanni got his education from Florida State University where he honed his writing style writing narratives and short stories. He has spent his professional career covering sports and entertainment through articles and blogs and continues to look at the industry from multiple angles.

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