Betting revenue hits $3.2m in Iowa

Iowa’s sports betting industry saw an increase in revenue in January.

According to figures from the Iowa Racing and Gaming Commission (IRGC), sports betting revenue amounted to $3.2m in January, up from $2.9m in December.

Total sports betting handle in Iowa amounted to $58m in January, which represents a 2.1% decline on the $59.3m wagered in December.

Land-based venues generated $1.9m in revenue from $24.2m in wagers while online betting accounted for $1.4m of the state’s revenue after bettors wagered $33.8m via online sportsbooks.

Breaking down the figures

Looking closer at the figures, the William Hill sportsbook at Prairie Meadows continued to dominate the market after generating $691,506 in revenue from $20.1m in sports wagers. William Hill’s online sportsbook managed to generate $581,538 in revenue after $18.6m was wagered through William Hill’s online sportsbook.

The Diamond Jo Casino in Worth handled $4.8m in wagers and generated $446,490 in revenue making it the state’s second-highest performing sports betting venue in January.

The Ameristar II Casino in Council Bluffs, which only offers land-based sports betting, came in third place after generating $415,795 in betting revenue.

The Isle Casino in Waterloo processed $4.1m in sports bets and held onto $322,408 in revenue. The majority of Isle Casino’s revenue came from online betting which accounted for $267,583, while land-based betting generated $54,825 in revenue.

Sports betting in Iowa

Governor Kim Reynolds signed Iowa’s betting bill into law in May 2019. With just 94 days between the signing of the bill and the launch of sports betting in the Hawkeye State, Iowa’s timeline to launch sports betting was one of the quickest in the US.

Under the state’s sports betting laws, residents and visitors must be at least 21 years of age and physically located within state lines before they can place a bet. Operators in the state are required to use geolocation technology to verify a customer’s location.

Under state law, proposition bets on in-state college teams are prohibited in Iowa. Currently, the state’s sports betting regulations require bettors to create their accounts in person, this is only temporary. From 1 January 2021, bettors will be able to register remotely from anywhere within the state, eliminating the inconvenience of having to travel to a casino.

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