It has been less than a month since sports betting was legalised in Iowa, and already casinos are reaping the benefits of oddsmaking. Since the legalisation on Aug 15, bettors wagered more than $8.5 million on their favorite sports, with most of the traffic coming from local college sports. The introduction of sports betting operations has also improved the number of visitors at Iowa casinos. The appetite for betting on sports has yielded a win of almost $2.2 million for Iowa sportsbooks. The first-ever monthly sports wagering report was released by the Iowa Racing and Gaming Commission on Friday. Read all about it below!
The Numbers – How Much Iowa Bookies Made & Paid Out
The published monthly report showed that more than $8.5 million was wagered at the 13 participating casinos in Iowa. The state received nearly $146, 000 in tax revenue from the wagers. The figures in total are as follows:
Handle = $8,576,246
Profits = $2,161,688
Tax Revenue = $145,914
Prairie Meadows in Altoona topped the list with the highest handle of $ 3,411,885 and revenue record of $ 532,771. The casino paid out nearly $2.9 million to bettors.
Casino Traffic Boost
Since August, the number of visitors at casinos also improved. In year-over-year comparisons, table game revenue improved by more than 10%, whereas slot wins went up by 5%.
Brian Oholriko, who’s the administrator for IRGC told the media that: “early indications demonstrate that there has been significant spillover into the facilities with regard to their gambling revenue”.
“We’re seeing substantial increases in both admissions and other forms of gaming,” Oholriko added.
Iowa was 11th nation and first in the Midwest to legalise sports betting. That was on Aug 15 2019. Residents in the state are allowed to wager on sports onsite or via mobile betting apps. However, mobile betting is only allowed within the borders of the state.