Iowa Sports Betting Drops in April but Profits Rise

As sports slow down in the spring, sportsbooks usually feel the impact—and Iowa’s April numbers reflect that pattern. Bettors tend to place fewer wagers once March Madness ends, and according to the Iowa Racing and Gaming Commission, the state’s sportsbooks accepted $215.5 million in bets last month. That figure is $72 million lower than in March, marking the lowest handle of 2025 so far.

Good to know

• Iowa’s April handle dropped by nearly $72 million compared to March.
• Despite the decline, total operator revenue actually increased.
• Online sportsbooks outperformed retail locations by a wide margin.

Although overall betting activity dropped, operators walked away with higher profits. Iowa sportsbooks posted $18.7 million in total revenue for April, thanks to an average hold of 8.6%. Most of that came from mobile sportsbooks, which kept 9% of all wagers. Retail locations lagged far behind, managing a much smaller 2.5% hold.

In fact, physical sportsbooks across the state struggled. Horseshoe Casino in Council Bluffs led retail operations again, but its $168,000 in net proceeds represented a steep decline of nearly $80,000 from March. At the other end of the spectrum, Diamond Jo posted a monthly loss, paying out $64,000 more than it brought in.

Online platforms drove the month’s profits. DraftKings led all operators with a $74.5 million handle and kept $7.4 million in revenue. FanDuel was not far behind, handling $62.5 million in wagers and collecting $5.9 million in profit. These two giants alone accounted for more than the entire $3 million month-over-month profit increase across Iowa’s sportsbook market.

Other mobile platforms trailed but still posted respectable figures. Caesars brought in $1.5 million in revenue on $19.5 million in bets. BetMGM accepted $14.1 million and reported $781,000 in profit. Fanatics held onto $900,000 from $9 million in wagers, and ESPN Bet generated $463,000 on a $4.4 million handle. Bet365 stood out among smaller operators, pulling in $1 million in revenue from $12.5 million in bets—the only non-major platform to increase profits from March.

Seasonal trends continue

April traditionally starts a four-month slide in betting volume across Iowa, and 2025 looks no different so far. But thanks to losses by fan-favorite teams like Duke and Auburn in early April, sportsbooks found more favorable results than they did during March Madness. Although fewer bets were placed, the house ultimately came out ahead. Whether that trend continues into the slower summer months remains to be seen.