Sports Betting Revenue Soars In Iowa During November

• Around $59.4 million was wagered on sports in Iowa during November.
• A little over half of the sports betting revenue in Iowa came from online sportsbooks.
• Retail registration could be holding back the revenue potential for Iowa.

DES MOINES, Iowa – There was around $59.4 million worth of bets on sports during the month of November in Iowa.

Breaking Down The Numbers

Revenue reports for sports bets in Iowa began in August of this year. In the first month, Iowa brought in $8.6 million worth of bets. September brought in $38.6 million while October raked in $46.5 million in total sports betting handle.

The November report has been released and we can see that the handle has increased again. Sportsbooks in Iowa had a total handle of $59.4 million. Out of all the sportsbooks in Iowa, the Prairie Meadows Racetrack and Casino brought in the most. This sportsbook brought in $20.6 million in sports betting handle.

There was a slight decrease in sports betting taxes collected by the state. In October, the state collected $381,937 in sports betting taxes. In November, the state collected $242,902.78 in taxable sports betting revenue. This is likely due to the fact that sports wagering payouts totaled to being around $55.8 million.

Slow Growing Mobile Market

Mobile sports betting is allowed in Iowa. With mobile wagering, sports bettors are allowed to make their bets no matter where they are in the state. But there is a rule that bettors must adhere to first before they can make their mobile wagers.

Bettors must register for their mobile sports betting account at a retail sportsbook. This rule will remain in place until 2021 begins.

Due to that, about 56 percent of the sports bets were made online. The total handle for online sports bets was around $33.7 million.

Compared to other sports betting markets with mobile and online wagering, this is low. New Jersey and Pennsylvania have about 80 percent of their total sports betting handle online. The distinctive difference between these two states and Iowa is remote registration.

New Jersey and Iowa allow customers to register for online sports betting accounts statewide. Once 2021 begins, the online revenue traffic will likely increase in Iowa.

The Iowa Racing and Gaming Commission expected the revenue for November to increase compared to October and it did. Iowa’s sports betting handle will likely increase as more customers become aware of its existence. However, the end of football season is near which means it is possible that the handle could decrease.

News tags: Iowa | Iowa Racing and Gaming Commission | New Jersey | Pennsylvania