With A Handle Of $8.5 million, Iowa Sports Betting Is Looking Strong

by | Sep 18, 2019 4:47 pm | Revenue | 0 comments

With A Handle Of $8.5 million, Iowa Sports Betting Is Looking Strong

$8.5 million was bet at Iowa sportsbooks in the first month of sports betting.

  • Iowa sports betting went live on August 15.
  • There are currently 13 sportsbooks taking bets in Iowa.
  • Registering for an online Iowa-based sportsbook is only permitted at a retail sportsbook.

DES MOINES, Iowa. – The handle for Iowa sports betting has reached $8.5 million within the first month of action.

The Iowa Racing and Gaming Commission released their revenue report for sports betting in August. Through this, we can see the current status of Iowa sports betting.

During August, Iowa sports bettors wagered over $8.5 million. The overall revenue generated from sports betting was around $2.1 million. With a tax rate of 6.75%, the state collected $145,914 from sports betting. For the first month of legal sports betting in Iowa, the future looks promising.

There are a few things that hold Iowa sports betting back a bit. IA SF 617 was the bill that formally legalized sports betting in Iowa. Although mobile and online sports betting is allowed, there is a restriction in place. You have to register for mobile sports betting at a retail sportsbook and this limitation will remain in place until January 1, 2021.

That being said, there are currently 13 retail sportsbooks in Iowa. Out of that 13, seven of them reported online sports betting revenue. This means there are only seven locations where you can register for an online sportsbook in Iowa. Despite that limitation, 42% of all sports bets came from online sportsbooks.

At the moment, the Prairie Meadows has brought in the most revenue out of all the sportsbooks. The overall handle in this location was $3.4 million with $2.2 million coming from online betting. Those with online sportsbooks tend to bring in more revenue in Iowa. That being said, FanDuel and DraftKings are looking to enter the Iowa sports betting market. Their brand recognition will likely bring in more customers and increase the overall handle.

Legal sports betting is looking promising in Iowa. Within the first month, 13 sportsbooks have opened up in the state. More sportsbooks are coming soon. Revenue will likely continue to increase as the Iowa sports betting market begins to mature.

Advertising Disclosure

In order to provide you with the best independent sports betting news and content LegalSportsBetting.com may receive a commission from partners when you make a purchase through a link on our site.

News tags: | | | | |

Submit a Comment

Your email address will not be published. Required fields are marked *