On August 15th, regulated sports betting became available in Iowa. It’s proving to be an extremely lucrative industry for the state. Sports betting in Iowa has generated $2.2 million in total revenue for casinos here.
It’s great news for this state, which is working on new ways to generate money from the gambling industry. Let’s take a quick look at the state’s decision to legalize sports gambling, and how much money this industry is expected to bring in over the next few months.
Iowa Officially Begins Offering Regulated Sports Betting Options
In May of 2018, the Supreme Court decided to strike down PASPA. Before this decision was made, only Nevada was legally allowed to offer sports betting odds. With PASPA now gone, every state can set laws on the sports gambling industry.
Several states quickly began regulating sports gambling and are now earning millions of dollars every month. Earlier this year, lawmakers in Ohio started expressing interest in legalizing the sports betting industry. In May, Governor Kim Reynolds officially signed a comprehensive sports betting bill into law.
Under this set of laws, sports betting operators must pay a $45,000 licensing fee. Sports gambling tax revenue is taxed at 6.75%. Interestingly, Iowa allows mobile and online sports wagering. Sports betting in Iowa is regulated by the state’s Racing and Gaming Commission.
It’s well-known that this state has one of the biggest sporting fan bases in the country. Many felt the decision to start offering regulated sports betting options would pay off massively for the state of Iowa. These predictions are proving correct. New reports have surfaced that show the state earned millions in its first two weeks with legal sports gambling.
Sports Betting in Iowa is Already Bringing in Millions
The first sports betting revenue report has been officially released. According to this report, licensed sports betting operators earned $2.2 million after just 16 days of operating. It’s an impressive figure that lawmakers have to be pleased about.
The Prairie Meadows Racetrack and Casino brought in the most money last month. This gaming venue’s total sports betting handle was $3,411,885, with revenue earnings of $532,771. Ameristar Casino & Hotel in Council Bluffs earned the second-most revenue at $480,650.
Only two companies currently operate regulated online sportsbooks in Iowa. William Hill and Elite Sportsbooks both run several internet sports betting platforms here. Combined, the two companies earned $424,129 from their Iowa betting operations.
As of now, online sports betting accounted for about half of Iowa’s total sports gambling revenue. Many feel this will change in the future. Other states with online sports betting operations, such as New Jersey, earn approximately 85% of their sports betting revenue from online gambling platforms.
It’s clear that sports betting in Iowa is taking off. In just a couple weeks, casinos in Iowa brought in $8.5 million in total sports wagers. In time, this state’s sports betting market may compete with other nearby states such as Pennsylvania.
More States Gearing Up to Offer Sports Betting Platforms
As we mentioned earlier, many states now have active, regulated sports betting options up and running. Six more states have approved sports betting bills and are set to launch sportsbooks over the next few months. One state that’s likely to roll out sports betting platforms soon is Montana.
In May of this year, Steve Bullock, the Governor of Montana, approved a 28-page bill to legalize and regulate the sports betting industry. The Montana Lottery will be responsible for regulating the sports betting market. Lawmakers here claim that sports betting will launch here sometime in 2019. Many feel the first Montana sportsbook will launch in October.
Illinois has also recently approved sports gambling. In June, Governor J.B. Pritzker approved a new gambling expansion bill that allows for several new casinos and sports betting options in the state. Betting will not be allowed on minor-league sports and events involving Illinois collegiate teams. The first sportsbook will launch here before the end of 2019.
In time, it’s likely that every state in the country will offer some form of regulated sports gambling. Recently, several major politicians have even begun calling for sports gambling to become federally legal.
As we can see, sports betting in Iowa is proving to be extremely lucrative. More states are realizing the huge earning potential from this industry.
Stay tuned for more US sports gambling updates over the next few months!