In October in Iowa, sports gambling generated $46.5 million, up from $38.5 million in September. During that time, 18 of Iowa’s 19 state-regulated casinos offered sports betting but only seven offered online sports wagering, according to Iowa Racing and Gaming Commission numbers. However, the IRGC recently authorized a sports wagering license for the 19th casino, Casino Queen Marquette. Sports betting began in Iowa in August.
IRGC Administrator Brian Ohorilko said sports betting revenue so far is better than expected, based on informal observation. He said casino attendance is up slightly, with ancillary benefits on table games. However, he wasn’t certain if the increases were due to the newness of sports betting and whether it would continue. Ohorilko said it could take a few years for an accurate sports betting baseline to be established. “This is not necessarily a case where it would generate a lot of money for the state. This is a low-margin business,” he stated.
Also, Ohorilko noted, revenue results remains to be seen at the end of the football season and March Madness, two of the most popular sports gambling events.
Wes Ehrecke, president of Iowa Gaming Association, said lawmakers authorized sports betting as an amenity for casino patrons and to “bring it out of the shadows” of illegal activity. He agreed sports betting would not provide a huge financial windfall for the state. Ehrecke said the state did not conduct a market forecast for sport betting, but a study of its impact on Las Vegas casinos indicated only a 2 percent increase in revenue. “Is that enough of a bump? Many would contend not,” Ehrecke said.
