Barstool Sportsbook App Reaches 10th State With Iowa Launch

Barstool Iowa Portnoy

Dave Portnoy and Barstool Sportsbook have finally entered Iowa’s very crowded field of sports betting dreams.

Iowa is the 10th state for Barstool Sports to establish a mobile presence, with Tuesday’s launch furthering a Midwestern expansion that has also seen forays into Michigan, Illinois, and Indiana this year. It is the 16th mobile operator to take wagers in Iowa, with Circa having been the most recent entrant four weeks ago.

Since the sunset of Iowa’s in-person registration provision at the start of 2021, it has quickly scaled higher in terms of handle and set its monthly record in September with more than $210.4 million wagered.

The Hawkeye State will become the eighth state shown to clear $2 billion in all-time handle when the Iowa Racing and Gaming Commission publishes its October revenue numbers. More than $1.2 billion of those wagers have been placed in the first nine months of the year as the percentage of mobile handle has climbed from 70.4% in 2020 to 86.6% this year.

Barstool will be the second online skin of Ameristar Casino in Council Bluffs, which also serves as the retail tether to theScore Bet. The retail sportsbook — which also draws bettors from Nebraska — is one of just two in the state to ever clear $6 million in monthly handle along with Diamond Jo in Worth.

TheScore Bet, which was recently acquired by Barstool Sportsbook operator Penn National Gaming for $2 billion, has generated more than $11.5 million in mobile handle and nearly $650,000 in revenue in Iowa since launching in February. The Canadian-based sportsbook had its best month in September, surpassing $2.3 million in handle and posting an 8.64% hold to collect $200,864 in revenue.

Penn National has its quarterly earnings conference call Thursday, and a spokesperson said the Iowa launch will be discussed.

Can Barstool get an Iowa bounce similar to Indiana?

Barstool Sportsbook has shown some resiliency in the top 10 handle markets, some of which feature a high volume of operators. After launching in Indiana in May, it has finished fifth in handle in each of the last three months after accepting more than $16 million in wagers in September. In its four full months of operation, the $42.2 million in handle represents a 4.65% market share of Hoosier State mobile wagering.

Barstool has vied with PointsBet for fourth in handle and revenue among Illinois’ six mobile operators since launching there in March, claiming 7.7% of the market share in the third-largest sports betting market. Barstool has nearly 11% market share in Pennsylvania among 13 mobile operators for 2021 handle. It has settled into a “best of the rest” status in Michigan as the fourth-best generator of handle, claiming nearly 10% of the action in the Wolverine State.

In Iowa, Barstool will look to carve out space in a field dominated primarily by Caesars and DraftKings, which combined for more than $131.3 million (70.4%) of September’s $186.5 million mobile handle. FanDuel and BetMGM accounted for another $39.2 million, and the other 10 operators in the state generated a combined $16 million worth of wagers.

Photo: Shutterstock

Author: Wanda Peters