Iowa sports betting revenue hits $5.7m in October

Iowa’s sports betting market showed strong performance in October, the second full month of regulated sports betting in the state.

According to figures from the Iowa Racing and Gaming Commission (IRGC), Iowa’s sportsbooks processed a total of $46.5m in sports bets in October, up from the $38.5m wagered in September.

In terms of revenue, operators in the Hawkeye State generated $5.7m up from the $4.9m generated the month prior.

The amount of tax revenue the state collected in October also rose by 14% up to $381,379.

Online wagering was the most popular way to bet in October with online sportsbooks accounting for $25.9m of the state’s handle and $2.7m of the state’s revenue. However, land-based betting was the highest revenue generator for sportsbooks in Iowa contributing just over $3m to the state’s total betting revenue.

Breaking down the figures

Looking closer at the figures, the William Hill sportsbook at Prairie Meadows Racetrack and Casino was once again the market leader in Iowa. The sportsbook processed $17.8m in sports wagers and managed to hold on to $1.7m. The majority of William Hill’s revenue came from its online sportsbook which generated $1.5m in revenue.

The Ameristar Casino Hotel in Council Bluffs, which is owned by Penn National Gaming, came in second place after generating $446,958 in revenue from $3.7m in bets. All of this came from land-based operations as the venue has yet to launch an online sportsbook.

The Caesars Entertainment owned Horseshoe Casino Council Bluffs managed to generate $446,508 after bettors wagered $2.1m at the land-based sportsbook.

The sportsbook at the Riverside Casino and Golf Resort processed $3.4m in sports wagers and managed to hold onto just $430,084 in revenue across land-based and online betting operations.

The Isle Casino Hotel in Waterloo, which also offers online and land-based betting, managed to generate $411,380 in revenue from $3.8m in handle.

The only other sportsbook to generate more than $400,000 in revenue was the Diamond Jo venue in Worth, which generated $403,919 in revenue after bettors wagered $3.1m at the land-based sportsbook.

Sports betting in Iowa

Governor Kim Reynolds signed Iowa’s betting bill into law back in May. 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.

The only bet types that are prohibited under state law are proposition bets on in-state college teams.

For an in-depth look at each state’s sports betting statistics visit the BettingUS stats page.

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