- Iowa’s licensed sportsbooks claimed $8.6 million in total wagers
- Companies generated $2.2 million in revenue
- Estimated $145,914 were paid in the form of tax to the state’s coffers
In the first 16 days of legal betting, Iowa has managed to generate the impressive $8.6 million in total wagers. Not all licensed sportsbooks started operation in the period between August 15 – August 31.
Iowa Bags $2.2m in Total Sports Betting Revenue in 16 Days
Licensed operators in Iowa hit a $2.2 million in sports betting revenue within 16 days of legalizing the industry in the state. The Prairie Meadows Racetrack and Casino powered by British betting agency William Hill generated the most notable results.
Since August 15, Iowa has been accepting sports wagers. The numbers through August 31 put the overall revenue at $2.2 million, while the total amount wagered over the period hit $8.6 million. Bettors took $6.4 million home, the Iowa Racing and Gaming Commission official data confirmed.
Iowa stands tall in a market that is pestered by many regulations. For example, the state has embraced mobile wagering, but certain drawbacks exist – such as the registration process. Anyone who wants to bet from their smartphone and remotely, will need to appear in-person at an authorized sportsbook and register there.
With this in mind, retail activity generated $4.9 million of the total handle with another $3.7 million coming from mobile. Going into November, however, the state is probably going to see a market spike in its overall operations on mobile.
Taxes and Total Money Wagered in Iowa in August
Tax wise, the state claimed $145,914 in total winnings in August. The overall tax is not too steep either, with only 6.75% on the gross revenue books turn. Not surprisingly, the William Hill-powered Prairie Meadows Racetrack and Casino managed to post some solid results, with the handle hitting $3.4 million. This generated $532,771 in pure revenue numbers.
Penn National Gaming came second. The Ameristar Casino Hotel Council Bluffs managed to rake in $1.4 million in total amount wagered with $480,650 cited as the gross revenue by the property. Other notable mentions included the Horseshoe Casino Council Bluffs which posted $441,273 in total handle.
The property is owned by Caesars Entertainment and it operates on software provided by Scientific Games. Another property to post good results was The Isle Casino Bettendorf in Waterloo which netted $158,694 in terms of revenue. That property was followed by the Isle of Capri in Bettendorf with $155,899. Interestingly enough, both properties are powered by William Hill.
Results were a little more modest down the line, with Elite Casinos’ Riverside Casino and Golf Resorts registering $161,297 in revenue, but taking only $494,347 as opposed to the Isle’s properties, which took roughly $100,000 more.
There were quite a few venues that took under $90,000 on their sports betting operations. Several properties, including the Casino Queen, Diamond Jo, the Hard Rock Casino and the Wild Rose casino accepted no wagers during the first two weeks of operations.
Meanwhile, another state is preparing for a big launch. Illinois is asking residents how they feel about the prospect of legalizing sports betting in their territory.
