Sports Betting In Iowa Up $2.2 Million In July
Published August 26, 2020 by Sol FH
Iowa’s online sports betting revenue rose to $2.2 million last month, continuing the trend of growth across most of the US industry.
Online sports betting is big business in the US, with the states that have wisely voted to legalize and regulate the sector, reaping profits, with this year surprisingly seeing increased revenue across the board. Since the Novel Coronavirus Pandemic began, millions of people around the world have been quarantined, or, staying at home a lot more with many businesses closed, including many land-based casinos and betting kiosks. This has led to a major increase in punters playing online bookmakers on the sports that have come back to action.
Virtually all legal land-based sports and retail gambling venues were closed this year. Many were permitted to reopen in June, but getting back to business, as usual, has been very slow. In contrast to June, July's gambling revenue was 261.5% higher, while sports betting also rose 80.3% month over month - to $22.9 million.
Online Taking Over
As online sports gambling continues to dominate with total revenue of $1.3 million in July, out of a total $17.8 million in overall sports wagers.
Mobile sports betting accounted for $17.7 million, up 53.4% from June, and making 78% of the total handle in July. Mobile gambling has become the premier way for punters to get into the action, from virtually anywhere.
Iowa still requires that players register in person at its casinos until January 1, 2021. This law has been eliminated in Rhode Island, but other states still require in-person sign in.
Land-based casinos that reopened in June, have been slow to get back, but players need to leave the house and the new safety precautions that are in place at all venues have been effective so far.
Online sports betting revenue will continue to rise, especially since the NBA, MLB, and NHL are back in action in N. America,. The NFL will be back soon, but until it does, the real state potential for online sports betting revenue will not be as high. Soon after the NFL begins, expect to see much higher revenues for operators and states collecting tax revenue.
