The Iowa Racing and Gaming Commission (IRGC) has reported that a total of $38.5 million was wagered on sports in the state last month. The total revenue posted by the licensed sportsbook in September was $4.96 million, and the amount paid to the state in taxes was $334,553.
The state rolled out its regulated wagering industry on August 15. The market generated $2.2 million in revenue from a handle of $8.576 million in the first two weeks of operation.
September was the first full month of legal sports betting in Iowa.
Online vs Retail Wagering
According to the monthly revenue report issued by the IRGC, online wagering accounted for about 56.6% of the total sports betting handle.
The total value of bets placed via mobile devices was $21.8 million, compared to $16.7 million wagered at retail sports betting venues.
However, on-site sportsbooks won more revenue than their online counterparts after retaining $2.9 million. The collective amount held by online operators in the month was $2.0 million.
Prairie Meadows Racetrack Leads Again
The William-Hill powered sportsbook at the Prairie Meadows Casino retained the top spot after posting the highest sports betting handle in Iowa during the month. The value of bets processed by the operator in September was $14.5 million.
A closer look at the figures reveals that $13 million or 89.2% of the bets came from online customers. The total revenue generated by the wagering activities was $1.5 million, with online betting accounting for $1.2 million.
Ameristar Casino Hotel in Council Bluffs registered the second-highest handle at 3.8 million. The facility is yet to begin accepting online bets, but a Kambi-powered online sportsbook is in the works.
Isle Casino Hotel in Waterloo handled the third-highest value of wagers in the state during the month. The sportsbook processed $3.5 million in sports bets, with $2.8 million coming from its William Hill-powered app.
The Elite Sportsbook at Riverside Casino and Golf Resort enjoyed a lucrative month as well, thanks to its online wagering platform. The book accepted $2.8 million in wagers with 75% or $2.1 million of these bets coming from online customers. The casino partners with Bet.Works for its sports betting operations.
The Influence of the Neighboring States
The numbers from the Iowa Racing and Gaming commission reveal that the strongest retail numbers came from three casinos located near the state borders.
Penn National Gaming’s Ameristar Casino led the pack with a $3.8 million sports betting handle for the month. It was followed by the Caesars Entertainment-owned Horseshoe Casino Council Bluffs. The venue processed $2.4 million worth of retail wagers in September.
Both venues are located in Council Bluffs, which is about 5 miles from Omaha, Nebraska. There are no legal sportsbook options in Nebraska, but the residents of the state can drive across the Missouri River and place bets at Iowa casinos.
The sportsbook at the Diamond Jo Casino near Northwood City in Worth County had the third-highest numbers for on-site wagers. The book, which is operated by FanDuel, accepted $2.3 million in sports bets during the month. The venue is located just across the Minnesota state line.