Since sports betting launched in Iowa in mid-August, total handle has reached $96.3 million, including nearly $51.4 million wagered online using apps offered by seven casinos and $42.2 million at retail sportsbooks, according to Iowa Racing and Gaming Commission data. The total includes $46.5 million in sports bets made last month, up from $35.53 million in September wagered at the state’s 18 licensed casinos.
Overall adjusted gross revenue from sports betting was $12.78 million year-to-date, up from $4.9 million in September to $5.6 million in October. Sports betting has brought in $861,846 of state tax revenue based on a 6.75 percent tax rate.
However, Iowa sports betting still has a long way to go, said Gambling.com Group Vice President Max Bichsel. He noted, “Iowa has a lot more potential to unlock. The state is early into sports wagering and still has an immature market that will expand significantly once all 19 casinos with state licenses offer sports betting and online options become more common. I fully expect there to be a lot more mobile operators than just seven. That’s really an inhibitor to growth and really getting the numbers up there in the hundreds of millions versus the tens of millions in terms of handle.”
Online betting currently is available at casinos in Altoona, Bettendorf, Davenport, Larchwood, Osceola, Riverside and Waterloo. The Casino Queen in Marquette is the only licensed casino without a sports betting license.
Bichsel said he expects Iowa’s sports betting market to grow now, since fall offers professional football, basketball and hockey plus overlapping college football and basketball seasons. That results in interest in college bowls and national playoffs, the Super Bowl, the National Basketball Association and National Hockey League playoffs and the start-up of major league baseball.
Wes Ehrecke, chief executive officer of the Iowa Gaming Association, said he expects more casinos will adopt mobile apps for in-state betting. “It’s my understanding there will be a few more before the end of the year or even by the end of the month, just to get that technology worked out with the apps to be able to offer the online option. I think that will certainly make a difference,” he said.
Bichsel noted the state’s requirement that bettors register in-person at first is thwarting online growth as compared to other states. However, that requirement will end January 1, 2021.
