Iowa Reports $4.96m Revenue during First Full Month of Legal Sports Betting

According to figures from the Iowa Racing and Gaming Commission, the state generated $4.96m in revenue in the first full month of regulated activities. Punters placed a total of $38.5m in sports bets in September, scoring a collective $33.6m in the process. Approved operators paid $334,553 in tax last month.

The most popular forms of gambling in this state were online, and the numbers confirm that as total internet sports wagering spend went up to $21.8m in September. Operators acquired $2.0m in collective revenue from web-based wagering.

Positive from the Very Beginning

The regulated market in the state opened for business on 15 August. The figures include revenue collected by land-based operators with active sportsbooks.

During this period, clients wagered $8.6m in total, and won $6.4m…

…which brought in $2.2m in its first two weeks upon launch. William Hill-powered sportsbook Prairie Meadow Racetrack and Casino reported the best results.

Moreover, the state’s sports betting bill permits mobile betting, although clients are required to be present at the facility of their choice in order to for an in-person.

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Even though players spent less at retail sportsbook sites($16.7m), land-based hubs generated more revenue ($2.9m) for licensees.

Prairie Meadows led the way again…

…with $1.5m in revenue from $14.5m in sports bets.

The second place belongs to Penn National Gaming’s Ameristar Casino Hotel Council Bluffs, with $613,220 from $3.8m in sports bets. This was all through retail bets as the establishment does not offer online or mobile betting.

The Isle Casino Hotel in Waterloo…

… revealed the third-highest sports wagering handle in the state last month ($3.5m). However, the revenue was lower than other sites ($350,467) as consumers proved more successful with their bets.

The Diamond Jo facility in Worth acquired $525,409 in retail-only revenue from a handle of $2.3m. The Caesars Entertainment-owned venue running a Scientific Games sportsbook Horseshoe Casino Council Bluffs followed with $464,210 in revenue and a handle of $2.4m.

More Figures for Land-Based Activities

The Riverside Casino and Golf Resort…

… generated revenue of $271,919 from a handle of $2.8m, while Diamond Jo in Dubuque fell just short of the $200,000 mark with revenue of $198,134 and a handle of $978,826.

Revenues of The Catfish Bend Casino, Grand Falls Casino Resort, Hard Rock Casino, Harrah’s Council Bluffs Casino and Resort, Isle of Capri Bettendorf, Lakeside Casino, Q Casino, and Rhythm City Casino were under $200,000 last month.

Casino Queen in Marquette and the Wild Rose locations in Clinton, Emmetsburg, and Jefferson are the only Iowa gambling locations not to offer sports wagering services.

Source:

“Iowa sports betting revenue hits $4.96 in a first full month”, Rob Fletcher, igbnorthamerica.com, October 14, 2019.