IA reported Gaming revs today, becoming the first state to release NFL sports betting data this year. Sept handle was 17% above MSe while revs were 55% light on low hold (~3%). Resulting 3Q sports betting handle was also 17% above MSe, while revs were 20% below. Casino revs were up 16% vs. ’19.
IA Sept sports betting handle exceeded expectations, revs missed. Sports betting handle was ~17% above our expectations in Sept/3Q while revs were (55)%/(20)% lower.