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Iowa sports betting revenue hits $4.96m in first full month


Sports wagering revenue amounted to $4.96m in the first full month of regulated activities in Iowa, with online betting the most popular form of gambling in the state.

Players placed a total of $38.5m in sports bets in September, winning a collective $33.6m in the process. Licensed operators paid $334,553 in tax last month, according to figures from the Iowa Racing and Gaming Commission.

Consumers spent more online than at retail locations, with total internet sports betting spend amounting to $21.8m in September. Operators generated $2.0m in collective revenue from internet wagering.

However, land-based activities generated more revenue ($2.9m) for licensees, despite punters spending less ($16.7m) at retail sportsbook sites.

The William Hill-powered offering at the Prairie Meadows Racetrack and Casino was the leading operation by some margin, generating $1.5m in revenue from $14.5m in sports bets.

Penn National Gaming’s Ameristar Casino Hotel Council Bluffs ranked second in terms of revenue, collecting $613,220 from $3.8m in sports bets. This was all through retail bets as the casino does not offer online or mobile wagering.

The Diamond Jo facility in Worth generated $525,409 in retail-only revenue from a handle of $2.3m, while the Horseshoe Casino Council Bluffs, the Caesars Entertainment-owned venue running a Scientific Games sportsbook, followed with $464,210 in revenue and a handle of $2.4m.

The Isle Casino Hotel in Waterloo had the third highest sports betting handle in the state last month ($3.5m), but revenue was lower than other sites ($350,467) as punters proved more successful with their wagers.

The Riverside Casino and Golf Resort posted revenue of $271,919 from a handle of $2.8m, while Diamond Jo in Dubuque fell just short of the $200,000 mark with revenue of $198,134 and a handle of $978,826.

The Catfish Bend Casino, Grand Falls Casino Resort, Hard Rock Casino, Harrah’s Council Bluffs Casino and Resort, Isle of Capri Bettendorf, Lakeside Casino, Q Casino and Rhythm City Casino also reported revenue under $200,000 last month.

The Wild Rose locations in Clinton, Emmetsburg and Jefferson, as well as Casino Queen in Marquette, are the only Iowa gambling locations not to offer sports betting services.

Iowa’s regulated market opened for business on 15 August and generated $2.2m in its first two weeks of operation. Customers wagered $8.6m in total during the period, winning $6.4m.

Image: Catchpenny