The Iowa Racing and Gaming Commission reported $20.7 million in sportsbook operator revenue for December, capping a year where the house fared relatively well when Jim “Mattress Mack” McIngvale didn’t make his way to the Hawkeye State.
It was the second time in 41 months that Iowa sports wagering operators cleared $20 million in monthly revenue, with the other coming as part the house’s historic nationwide rout in September. December’s revenue was more than triple the paltry November total of $5.8 million, a figure dragged down by McIngvale’s $10 million payday cashing $1 million Houston Astros futures bets with Betfred and Unibet.
McIngvale did put a noticeable dent in 2022 operator revenue, which totaled $165.6 million. Despite the Houston-based furniture magnate’s eight-figure haul, revenue surged 45.4% compared to the 2021 total of $113.9 million, aided by a 15% increase in year-over-year handle to $2.3 billion and a 7.1% win rate that was 1.5 percentage points higher than last year.
The increase in revenue led to a swelling of state coffers, which received $12.3 million in tax receipts for the calendar year. That was an increase of $3.6 million from last year, as the overall total since launch in August 2019 surpassed $25 million.