May 2026 Iowa Sports Betting Report: $191M Handle as DraftKings Surges and Circa Posts a Losing Month
Iowa's May 2026 IRGC numbers landed with two distinct operator stories. Total handle slipped to $191.1 million, a 9% drop from April. But DraftKings grew revenue even as its handle dropped — and Circa Sports actually lost money to bettors for the month.
Month at a glance
| Total handle | $191,112,434 −9.2% vs April |
|---|---|
| Operator net receipts | $20,785,835 −4.9% vs April |
| Hold percentage | 10.9% +0.5pp vs April |
| Total payouts to bettors | $170,326,599 |
| State tax remitted | $1,400,506 −5.1% vs April |
| Online handle | $181,499,185 (95.0%) |
| Retail handle | $9,613,248 (5.0%) |
May handle dipped 9.2% from April's $210.5M, the first meaningful month-over-month decline since the post-Final Four normalization in 2024. Even so, operator revenue stayed comparatively strong because the books held a higher percentage — 10.9% hold versus 10.4% in April. May was a less active month for bettors and a more profitable one for the houses, on average.
The DraftKings divergence
DraftKings' Iowa numbers told a striking story:
| DraftKings online handle | $72.0M (−8.4% vs April) |
|---|---|
| DraftKings net receipts | $8.09M (+9.4% vs April) |
| DraftKings hold | 11.2% (vs 9.4% April) |
Handle was down, but revenue was up — meaning DraftKings won more per dollar bet in May. That kind of swing can be variance (a few big underdogs winning meant payouts fell faster than handle) or it can be the result of operator-side line tightening. Either way, May was DraftKings' best revenue month in Iowa since November 2025.
The Circa Sports anomaly
While DraftKings was profitable, Circa Sports went in the opposite direction. The Westgate-style operator posted negative net receipts of −$46,425 on $2.0M of online handle — meaning Iowa bettors collectively took 2.3% from Circa for the month.
Two readings:
- The bull case for Circa users: Circa's sharp-friendly philosophy is showing. Low vig, no winner-limiting, and tight lines mean variance can swing against the house. Sharp bettors who pick well will beat Circa.
- The variance reading: $2M of handle is small enough that one or two large favorites cashing can flip a month negative. This isn't a structural problem for Circa — but it's a notable data point.
It's the first sub-zero month for any Iowa sportsbook this calendar year that wasn't a near-dormant operator. Worth tracking through June.
Online handle by operator (May 2026)
| Operator | Online handle | Share | Net receipts | Hold |
|---|---|---|---|---|
| DraftKings Crown IA Gaming, LLC | $72.0M | 39.7% | $8.1M | 11.2% |
| FanDuel Betfair Interactive US LLC | $47.7M | 26.3% | $6.2M | 13.1% |
| SuperBook American Wagering Inc. | $16.2M | 8.9% | $1.3M | 8.3% |
| BetMGM BetMGM, LLC | $12.9M | 7.1% | $1.4M | 10.7% |
| bet365 Hillside (Iowa) LLC | $12.4M | 6.8% | $1.3M | 10.4% |
| Fanatics Sportsbook FBG Iowa LLC | $11.7M | 6.4% | $795K | 6.8% |
| ESPN BET Penn Sports Interactive, LLC | $3.6M | 2.0% | $276K | 7.6% |
| Circa Sports Circa Sports Iowa LLC | $2.0M | 1.1% | −$46K | -2.3% |
| BetRivers Rush Street Interactive IA, LLC | $2.0M | 1.1% | $139K | 6.9% |
| Bally Bet Bally's Management Group, LLC | $635K | 0.4% | $65K | 10.3% |
| Sporttrade Sporttrade Iowa LLC | $252K | 0.1% | $49K | 19.6% |
DraftKings and FanDuel combined for $119.7M in online handle — 65.9% share, up slightly from April's 64.2%. The duopoly is, if anything, tightening its grip.
The middle tier reshuffles
April's tight three-way tie among Fanatics, bet365 and BetMGM has shifted. BetMGM pulled into the #4 slot on handle by a hair ($12.91M), with bet365 ($12.43M) and Fanatics ($11.68M) trailing by small margins. SuperBook held #3 at $16.2M.
The interesting comparison is hold rate:
- BetMGM held 10.7% — the highest among the mid-tier.
- bet365 held 10.4% — close behind.
- Fanatics held just 6.8% — meaning Fanatics paid out more per dollar bet than its peers. Either softer lines or a sharper user base.
Catfish Bend → Great River Casino Resort
A second property rebrand showed up in this month's report. Catfish Bend Casino in Burlington has been renamed Great River Casino Resort, effective June 4, 2026. The May figures reflect the property under its new identity. Its mobile partner is still Fanatics Sportsbook (FBG Iowa LLC), which posted $11.7M in online handle through the rebranded license.
That makes two casino rebrands in 2026 — Bally's Marquette (formerly Casino Queen Marquette, February 27) and now Great River Casino Resort. Iowa's licensed casino landscape has been more fluid this year than in any other since legalization.
Hard Rock's collapsing retail handle
Hard Rock Casino Sioux City — which posted a $30,916 loss to bettors in April — recovered modestly in May with $62K in net receipts. But the bigger story is the handle drop: from $936K in April to $398K in May, a 58% decline. Hard Rock still doesn't operate a mobile skin in Iowa (internet handle stayed at $0.00), so this is a pure retail-counter story. Either Sioux City bettors moved their May action online to other apps, or something property-specific reduced foot traffic. Worth watching.
State tax under SF 605
May generated $1.40 million in state tax from operator revenue, the fifth full month under the SF 605 player-side withholding regime. The slight MoM decrease tracks the lower operator revenue. Cumulative 2026 sports betting tax revenue is on pace to comfortably exceed $15M for the full year. Use our tax calculator if you need to estimate withholding on a specific wager.
What to watch in June
- NBA Finals handle — the Finals typically push June handle higher than May.
- Stanley Cup Final — a strong NHL Finals draws meaningful Iowa action, especially if the Wild make a run.
- French Open and Wimbledon tune-ups — tennis live betting often spikes in June.
- US Open Golf (mid-June) — biggest golf handle weekend of the summer.
- Circa's bounce-back — does the negative May extend into June, or revert?
Source: Iowa Racing and Gaming Commission, Sports Wagering Revenue Report — May 2026.