Iowa Sports Betting Handle Expected to Rise Significantly in Coming Months

Published September 11, 2020 by Elana K

Iowa Sports Betting Handle Expected to Rise Significantly in Coming Months

The Iowa Racing and Gaming Commission has released July’s sports betting numbers, and it appears that the Hawkeye State experienced nearly an 80% increase in handle from the previous month.

The Iowa Racing and Gaming Commission has released July’s sports betting numbers, and it appears that the Hawkeye State experienced nearly an 80% increase in handle from the previous month. July’s sports betting handle tallied up to $22.9 million, whereas in June, it reached a seemingly paltry $12.7 million.

While an 80% increase is certainly a reason to celebrate, no one is breaking out the champagne just yet. In February 2020, prior to the onset of the COVID-19 pandemic, Iowa sportsbooks saw a $57 million handle. This means there is still a long way to go before getting back to the previous “normal.”

From the newly-inflated handle, the revenue earned was $2.2 million, a staggering 261.5% increase from the $620,000 earned in June. From the revenue generated by sports betting operators, the state earned $150,000 in taxes.

The Power of Mobile Betting

One area that is proving its worth is mobile sports betting, which reached $17.8 million in July, a 53.4% increase from June’s $11.6 million. In July, mobile wagers accounted for 78% of the total handle. While mobile betting has always been popular in New Jersey, the new reality of COVID-19 means that it will become the new normal in many states. Mobile betting might prove even more popular if the Commission decides not to require in-person registration at casinos, which as of now, is required until the first of January, 2021.

Projections for the Future

July marks the third month in a row in which Iowa sports betting has been on the rise, which means that August is expected to see a further increase. Not only are more land-based sportsbooks open, but the main driving force is the return of several pro sports. As long as these sports are not shut down again due to COVID-19, Iowa, and indeed, all states that offer legalized sports betting, should see a great increase in August numbers. If all goes according to plan and pro football kicks off in September, there should be a further rise in revenue.

 

See also

Iowa Governor Signs Legislation to Legalize Sports Betting

Will Iowa Become the First State in the Midwest to Offer Legal Sports Betting?

Iowa Race All about Casinos

Iowa Court Reverses Blackjack Conviction

Three Months of Mississippi Sports Betting Revenue Numbers Are In


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