September was the first full month of sports betting in Iowa and the state saw nearly $40 million placed in sports wagers. More than half of that was wagered through the state’s mobile betting app.
Mobile Betting Makes a Difference
In September, 15 licensed casinos were accepting sports bets (out of 18 casinos statewide) and the handle surpassed $38.5 million, with a net revenue for operators reaching nearly $5 million.
There are a few reasons for September’s astonishing numbers: It was the first full month of sports betting, football season kicked off, and mobile sports betting was up and running.
Prairie Meadows Casino brought in the most revenue with nearly $15 million, and nearly $13 million of that came from mobile betting. Prairie Meadows’ handle was almost 4 times bigger than its runner up, Ameristar Casino, which does not (yet) accept mobile wagers.
Sports Betting Operators Aren’t the Only Winners
While September was a great month for Iowa casinos accepting sports bets, the state of Iowa itself also benefited. There is a 6.75% tax on operators’ net receipts, which means that $334,553, went into Iowa state coffers.
Secondary Benefits of Sports Betting
Iowa law requires bettors to physically register at a landbased casino before being able to place mobile wagers. A secondary benefit of this has been that bettors are spending time at landbased casinos, and not just for sports betting. While bettors don't need to continuously go into casinos after they've registered the first time, there will likely be many people coming to register over the course of the next year.