Iowa Sees Massive Jump in Sports Betting Handle During March Madness

Caitlan Clark and the Hawkeyes have captured the hearts of sports fans over the last two years, and they have done so with sports bettors.

The Hawkeye state saw a massive 17% jump in its handle during August. Bettors flooded their favorite sportsbooks to place bets on Caitlin Clark and Iowa during March Madness. The total handle for the month was $272.4 million. In addition to being 17% higher than the 2022 handle, it was 68.7% higher than the 2021 handle. The jump in handle in March gave Iowa its sixth-highest handle.

As impressive as the jump in the state’s sports betting handle was, revenue was down 8.4% compared to last year. That can be attributed to Iowa bettors wagering on their home team, who advanced into April before losing in the National Championship Finals. 

The men’s basketball team did not qualify for the NCAA Tournament, meaning the driving force behind the jump in the sports betting handle was Caitlan Clark and the women’s team.

Iowa also expects to see another impressive jump in their handle for April. With the Hawkeyes losing in the final game, there could also be a jump in revenue.

FanDuel and DraftKings Continue to Dominate Iowa Market

Unsurprisingly, FanDuel and DraftKings led the way with the highest handles in March. However, FanDuel posted its second consecutive month with a hold rate below 10%. That resulted from Iowa bettors winning more in February and March. While that isn’t optimal, their strong March brings their total handle to $1.5 billion in the Hawkeye State.

Of the smaller sportsbooks, Tipico had a handle of over $1 million for the first time since launching in Iowa. Their win percentage was better than their competitors, leading to a 9.6% hold.