Iowa Sportsbooks See March Surge Thanks to Caitlin Clark
Iowa Experiences Boost: Betting Handle Jumps 17.1%
March was a prolific month for Iowa, with Caitlin Clark leading the Hawkeyes to an appearance in the NCAA women’s title game.
The state’s sportsbooks reaped the benefits.
Iowa’s sports betting handle jumped 17.1% to $272.4 million in March, according to figures released by the state’s Racing and Gaming Commission. That marked a nearly $40 million increase for Iowans, as Clark captivated audiences with one sensational performance after another. Altogether, it was the sixth-highest handle ever in Iowa and the fifth above $250 million in the last six months.
Let’s take a closer look at Iowa experiencing a boost in betting.
The Clark Effect
The top-seeded Hawkeyes defeated UConn 71-69 in the Final Four to advance to the national championship game against unbeaten South Carolina, where they lost 87-75. Clark, the consensus two-time national player of the year, scored 30 points in the final game of her incredible career.
The championship game was the highest-rated telecast on record for the tournament, averaging 18.7 million viewers on ABC and ESPN, an 89% increase over last year’s final between LSU and Iowa. That surpassed many other notable events, including every game of the 2023 World Series and NBA Finals.
It also set several betting records. FanDuel was among the biggest beneficiaries, with a 155% increase in handle compared to the 2023 title game. It also collected 20% more bets than Friday’s national semifinals.
Clark, of course, was a primary reason for Iowa experiencing a boost in betting. The Iowa star enjoyed a storied career, scoring 3,951 points to break the all-time NCAA record for men’s and women’s basketball. She averaged 31.6 points as a senior, including five games with 40 points or more. Viewers were treated to other standouts as well, including UConn’s Paige Bueckers, LSU’s Angel Reese, and South Carolina’s Kamilla Cardoso.
“We handled a limited amount of (women’s) games in the past,” DraftKings director of sportsbook and race operations Johnny Avello told ESPN. “There wasn’t a lot of interest because the games weren’t being shown. This year, you could have watched many games on national TV. And there were great players this year, Caitlin Clark being probably the No. 1 focus. But there were more players besides her.”
DraftKings & FanDuel Ahead of the Pack
Iowa bettors fared quite well in March, as the win rate from wagers placed across the state’s 19 mobile sportsbooks was 6.6% for a handle of $252 million. Industry leaders DraftKings and FanDuel saw a majority of the action, though the latter registered a sub-10% win rate for the second straight month.
FanDuel collected $67.7 million worth of bets in March, while bringing its all-time revenue above $125 million. Meanwhile, DraftKings’ handle approached $100 million, marking its second-best performance behind November 2023. DraftKings topped all online sportsbooks with $6.7 million in revenue.
Two lesser-known sports gambling sites, Bally Bet and Tipico, topped $1 million in handle for the first time. Tipico, however, performed markedly better than its closest competitor, winning over $103 million against a $1.1 million handle.
Circa Sports also stood out, winning $150,598 against a $2.4 million handle. It marked the first time the sportsbook has been profitable in back-to-back months since a three-month streak from June to August 2023.
Bet365 Growing in Iowa
Online sports betting has been legal in Iowa since August 2019. It is home to more than a dozen online betting sites, with English-based bet365 the latest entrant into the state. Bet365 collected $582,306 in March for a win rate of 6.6% on over $8 million worth of bets.
Twenty-nine other U.S. states — plus the District of Columbia — also offer legal online betting. Last month, North Carolina became the latest state to launch.
Stay tuned for more updates on Iowa experiencing a boost in online sports betting.
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