Iowa’s sports betting market is off to a solid start.
According to figures published by the Iowa Racing and Gaming Commission (IRGC) Iowans wagered more than $8.5m in the first 17 days of legal sports wagering in August.
In terms of revenue, sportsbooks in the state held onto just under $2.2m. The state of Iowa received $145,914 in taxes from sports betting in August.
Breaking down the numbers
There are currently 13 land-based sportsbooks and two online sportsbooks operating in Iowa.
The highest performing sportsbook in the Hawkeye State was the William Hill sportsbook at Prairie Meadows Racetrack and Casino. In the first two weeks of legal betting, Prairie Meadows took $3.4m in sports wagers and generated $432,771 in revenue.
The Ameristar Casino Hotel in Council Bluffs came in second place last month after taking $1.4m in bets and generating $480,650 in revenue.
The Horseshoe Casino in Council Bluffs generated $192,777 in revenue despite taking just $441,273 in sports wagers.
Online off to a decent start
With just two online betting options available in Iowa, the state’s online betting market has plenty of room to grow.
However, the two online operators currently power mobile betting operations for seven casinos in Iowa.
In the first two weeks of betting, William Hill and Elite Sportsbooks generated a combined revenue of $424,129 through online and mobile wagering.
Although online and mobile betting is legal in Iowa, bettors must register an account in person at a land-based casino sportsbook. However, from 1 January 2021, bettors will be able to register accounts remotely from anywhere within the state, eliminating the inconvenience of having to travel to a casino.
With this restriction on the Iowa betting market, it will take a while for the Hawkeye State to realize the full potential of online sports betting.
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.
On the financial front, a sports betting license costs $45,000 and operator revenue is taxed at a rate of 6.75%.
Each licensed venue can offer two online brands (Skins). This means that with 19 casinos in the state, there could be as many as 38 online sports betting options in the future.
For an in-depth look at each state’s sports betting statistics visit the BettingUS stats page.