Iowa Sports Betting Handle Increases by 120% in August

Published September 20, 2020 by Elana K

Iowa Sports Betting Handle Increases by 120% in August

In August, Iowa sports betting operators reported a handle of slightly over $50 million. From that, operators earned $3 million and the state earned $202,000 in taxes.

Iowa sports betting soared in August, according to recent figures released by the Iowa Racing and Gaming Commission. Sports betting operators reported a handle of slightly over $50 million, up nearly 120% from July’s $22.8 million handle. From that, the Hawkeye state earned about $202,000 in taxes, while casinos and sports betting operators earned slightly more than $3 million. Since sports betting was legalized in Iowa in August 2019, the state has earned more than $2 million in tax revenue.

The increase in handle is clearly due to the return of pro sports, including the NHL, NBA, and MLB. During the height of the COVID-19 restrictions in April, the state’s handle fell below $1.6 million — understandably so, as the state’s 19 casinos were shut down and pro sports came to a halt.

In August, nearly $35 million worth of bets were placed online and on mobile, with only $15 million placed at retail sportsbooks. Even though pro sports have resumed and COVID-19 seems to be under control, many people still prefer placing bets online as opposed to entering a land-based facility.

Sportsbook Handles

The Prairie Meadows Racetrack & Casino sportsbook generated the most revenue from all the state's operators, accounting for more than $14 million of the betting handle. A whopping $13 million from that came from online and mobile betting. In terms of retail sportsbooks, Ameristar in Council Bluffs generated a handle of $3.8 million, while Horseshoe in Council Bluffs, which has no online offerings, generated $1.9 million in handle.

With NFL season having started earlier this month, experts predict sports betting to reach an all-time high in September. 

 

 

See also

Iowa Governor Signs Legislation to Legalize Sports Betting

Nevada's November Sports Betting Handle Hits Record High

Iowa Race All about Casinos

Iowa Court Reverses Blackjack Conviction

France Boasts Sharp Increase in Q1 2017 Online Sports Betting Turnover


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