The newly launched regulated sports betting market in Iowa is showing strong potential. In the first full month of legal sports betting, sportsbooks at casinos in Iowa grossed about $40 million in wagers in September.
According to the figures released by the Iowa Racing and Gaming Commission, the total amount of money wagered, eclipsed $38.5 million, with net revenue totaling $4,956,347. The sports gambling market is not yet at its fullest potential as only fifteen of 18 licensed casinos in the state have launched sports betting operations so far.
Earlier on August 15, Iowa became the 11th US state to launch sports betting operations. The sportsbooks in Iowa were launched to a flying start as just in the first two weeks of operation the state casinos grossed $8.5 million in wagers.
It should be noted that Iowa is also benefiting from the fact that its neighboring states have not launched legal sports betting so far.
The state’s casinos reported about $8.5 million in wagers over the first two weeks in sportsbook operation. No state bordering Iowa has legal sports wagering.
About $21.8 million, of the casinos’ total September betting handle, came from internet wagering. This represents approximately 56.6% of the total bets.
The top grosser was the Prairie Meadows in Altoona which took $14.526 million in wagers. The casino also grossed $12.963 million (89.2%) from mobile betting.
Commenting on the performance, commission administrator Brian Ohorilko said: “There were a lot of busy books that weekend, and we’re still hearing reports on Saturdays and Sundays that there are lines out the doors of many sportsbooks.So we’ve definitely seen some big days.”