In just two weeks of legal sports betting, Iowans wagered $8.6 million on sporting events, according to data released by the Iowa Racing and Gaming Commission.
The first day of legal sports betting in the Hawkeye State was August 15. Throughout the rest of the month, between wagering online and at brick-and-mortar locations, the state’s operators won just shy of $2.2 million from sports bettors.
Online operators profited more than $424,129, while the brick-and-mortar locations garnered just shy of $1.8 million in profit.
Of the total $8.6 million handle, $4.9 million was bet at retail locations in a casino and the other $3.7 million was wagered online.
There are currently 13 states with active, regulated sports betting markets, and another six states that have passed bills but are still implementing the working infrastructure. Iowa was the first state to launch both online and retail sports betting on day one.
At this point, it seems clear that online is going to be the key to long-term success in a sports betting market.
After falling well short of projections with a retail-only model, Rhode Island passed additional legislation to allow bettors to gamble online. In New Jersey, the nation’s second-biggest sports betting market, about 80 percent of bets are placed online.
In the first two weeks of action, there were only 13 of the state’s 19 casinos that were accepting sports bets. The rest of the pack will follow suit in the coming weeks. William Hill and Elite sportsbooks were the only two online operators but with FanDuel and DraftKings both having acquired licenses in the state, that will change soon.
Most of the $4.9 million wagered at casinos came from Ameristar and Prairie Meadows. Prairie Meadows accepted $3.41 million in bets while profiting $532,771 and Ameristar profited $480,650 on a handle of $1.36 million.
The state taxed the revenue at 6.75 percent and collected $146,000 in tax revenue.