Iowa’s Sports Betting Revenue Signals Online Sportsbooks Are King

• Iowa’s sports betting revenue numbers for the month of October have been released by the Iowa Racing and Gaming Commission and have shown a substantial growth from last year.
• Online sports betting in the state has played a big role in this growth with an increase of 140.2 percent in revenue coming from online sportsbooks.
• The state will be allowing remote registration for online sportsbooks starting at the beginning of 2021.

DES MOINES, Iowa – The Iowa Racing and Gaming Commission released the revenue made by the state’s sportsbooks which experienced a 60.8% year-on-year growth in the month of October.

Bettors in Iowa wagered $81.8 million on sports events in October which was a 76.1% rise from the $46.5 million that was bet on in October 2019 along with breaking the monthly record of money wagered on that was set in September.

This increase in money wagered can be attributed to the large growth in online handle that came in for October. The state saw bettors wagering $56.9 million through mobile and online sportsbooks while only $25 million was wagered via retail sportsbooks.

The revenue made at these legal sports betting platforms shows the difference between the land-based and online sportsbooks. Retail sportsbooks brought in $2.7 million which is down 9.8% where online sportsbooks brought in $6.4 million and that was an increase of 140.2%.

Individually, the William Hill sportsbooks at Penn National Gaming’s Prairie Meadows Racetrack & Casino had the highest betting handle and revenue in the state. The sportsbook received $19.8 million in total wagers and generated $2.3 million in revenue.

The DraftKings sportsbook at the Wild Rose Casino in Jefferson proves how important online betting is in the state with the sports processing $8.2 million in sports bets and $8 million of that coming for the online platform.

Sports betting in Iowa has been legal since May 2019 and had one of the quickest timelines in the country of officially launching sports betting after the passing of legislation.

Starting at the beginning of 2021, bettors do not have to register in-person for online sportsbooks accounts which is sure to boost the already booming Iowa online sports betting industry.

News tags: DraftKings | Iowa | Iowa Racing and Gaming Commission | Penn National Gaming’s Prairie Meadows Racetrack & Casino | Revenue | Wild Rose Casino | William Hill