The Iowa Racing and Gaming Commission published the state’s first-ever monthly sports betting revenue report on Friday.
According to the report, the total value of bets handled by licensed operators in the Hawkeye State during the month of August amounted to $8.576 million.
Iowa sports betting kicked off on August 15, which means that the market was only 17 days old when the month came to a close.
During the two weeks of operation, the total revenue posted by the regulated books was about $2.2 million. $145,914 of this revenue went to the state government, thanks to a 6.5% tax levied on operators.
A closer look at the numbers reveals that retail wagering accounted for $4.9 million of the total handle and $1.7 million in revenue. On the other hand, mobile betting generated $424,129 in revenue from a $3.7 million handle.
There were 13 retail sportsbooks operating in the state as of August 31. In addition, William Hill and Bet.Works power the online platforms for seven of these books.
Prairie Meadows leads in Iowa Sports Betting
Prairie Meadows Hotel and Racino in Altoona topped other IA sportsbooks both in terms of handle and revenue. The book, which partners with William Hill, won $532,771 from $3.4 million wagered. The venue opened on the first day of operation, and it is among the few properties that has a fully operational online app.
Ameristar Casino Hotel in Council Bluffs came second after posting $480,650 in revenue from a $1.364 million handle. The Penn National owned property has an existing deal for online sports betting with Kambi but it is yet to roll out its mobile platform.
The sportsbook that posted the third highest revenue was Horseshoe Casino in Council Bluffs after winning $192,777 from a $441,273 handle. Caesars Entertainment owns the sportsbook, while Scientific Games supplies the technology.
Another William Hill powered sportsbook, Isle Casino Hotel Waterloo, registered a $916,349 handle, and $158,694 in revenue. Its sister property, Isle – Bettendorf, won $151,899 from $645,040 worth of sports bets.
The state of IA sports betting
The Hawkeye State became the 11th jurisdiction to roll out regulated wagering when it launched the industry on August 15. The sector is regulated by the Iowa Racing and Gaming Commission.
The state’s sports betting law allows the regulator to vet applications and issue licenses to both online and retail operators. The licencees can offer a variety of betting markets on both professional and collegiate sports events.
There are 19 eligible casinos in the precinct, and each of them has a retail permit. Also,more than half of these properties have partnered with online operators like William Hill, Bet.works, PointsBet, DraftKings, and FanDuel for mobile betting.
At the time of launch, Iowa made history for being the first state to rollout online wagering alongside retail books.
Mobile betting is currently available at seven properties across the state, but more venues are planning to join the industry soon.
Of the seven sportsbooks that accept internet wagers, four are powered by William Hill, and they include Prairie Meadows, Isle Waterloo, Isle Bettendorf, and Lakeside Casino.
The remaining three are owned by Elite Casino Resorts and they offer sports betting in partnership with Bet.Works. The facilities include Riverside Casino in Riverside, Rhythm City Casino in DavenPort, and Grand Falls Casino in Larchwood.
However, Iowa bettors have to register for online accounts at the land-based sportsbooks before they can place a mobile bet. The in-person registration will continue until December 31, 2020.