September was a big month for sportsbooks in Iowa, seeing a 74% jump in betting handle. This is largely because of the opening of the football season- the most popular sport that people bet on. When you become a bookie, you will see that the availability of sports events has a rather large effect on your sportsbook- both in terms of handle and revenue. This is perfectly seen in the Iowa betting market in the last two months.
September, as mentioned earlier, was a good month for sports betting. The handle rose to $245.7 million as football betting began. And this October, the handle climbs slightly by around 3.8% to $255.2 million. While we saw a huge increase in betting activity for football and basketball, among others, it is also worth noting that the baseball season ends in October.
This could explain the offset in the handle from the surge in betting from other sports leagues. If we are to look at betting trends around the country, the next few months sound promising. In fact, states tend to record their best months from September to February in terms of betting handle.
Sportsbooks in Iowa Are Expected to See Good Numbers for the Year
If you read gambling software news updates frequently, then you will see how popular online wagering is. While brick-and-mortar sportsbooks give a more personal and tactile experience, online sports betting remains to be a very attractive and convenient option. Given how easy it is to go and log into an online sportsbook, its no surprise to see that 90.7% of all wagers come from online wagers.
As for revenue, the numbers are almost the same as that of September. One may wonder why the revenue stays relatively equal if there is an increase in handle. The answer lies with the hold percentage. For example. Sportsbooks in Iowa released $231.1 million in winnings. This leaves them with $24.1 million for gross revenue. This is a 9.4% hold percentage, and as a bookie, you will want to see this number higher than it is now. Your can use your sportsbook pay per head software to find out your sportsbook’s hold percentage to see how much you are keeping as revenue after payouts.