Fanatics Sportsbook Betting App Goes Live In Iowa

Fanatics Sportsbook began accepting wagers Tuesday morning in Iowa, entering a crowded mobile sports betting marketplace that features 18 betting apps.

The Fanatics Sportsbook is now live in Iowa 🏆

Sign Up: https://t.co/R4wXHh0Lw3 pic.twitter.com/cX5i1d7ZqR

— Fanatics Sportsbook | PB (@fanaticsbook_pb) February 6, 2024

Iowa is the 12th state were Fanatics Sportsbook will conduct sports betting and the latest where it has completed the migration of its betting platform following the $225 million acquisition of PointsBet‘s U.S. entities last June.

Bettors who sign up with Fanatics Sportsbook can earn FanCash to spend through bonus bets or on merchandise at Fanatics.com. Bettors will receive 5% FanCash for placing same-game parlay bets, 3% FanCash for regular parlay bets, and 1% on straight bets and wagers involving odds boosts.

Iowa was one of the early adaptors of sports betting in the United States after it became legal on a state-by-state basis. More than $2.4 billion worth of bets were placed in the Hawkeye State in 2023, with 91% of that handle originating on mobile betting apps.

Challenges await in the Hawkeye State

Fanatics Sportsbook is entering Iowa at a time where it will deal with three challengers for market share among the second tier of mobile options behind FanDuel, DraftKings, and Caesars.

Bet365 entered Iowa in June and generated $52 million in sports betting handle over its first seven months, highlighted by a $10.2 million total in November. Bet365 finished with $2.2 million in adjusted gross revenue for 2023, but it also quickly generated enough winnings to erase a $1.6 million deficit from its June launch.

Also in the picture is ESPN BET, which edged out BetMGM for fourth in handle in December in its first full month of accepting bets. Like bet365, ESPN BET has not been shy about providing promotional offers and bonuses, but it also proved a quick study when it came to beating the public. ESPN BET had a 10.4% win rate for November and December action, winning more than $3.5 million of the $34.1 million wagered in the final two months of the year.

PointsBet had been operating in the Hawkeye State since November 2019 and had generated nearly $13.5 million in operator revenue against $151.7 million handle, good for an 8.9% hold. It had strong results against the public in 2023, crafting a hold of 10.4% to claim $3.8 million in winnings from $36.6 million worth of wagers placed.