It’s been a rough ride for casinos in 2020, but relief is coming in a rather unexpected form as Iowa gaming venues and state leaders are now realizing. Sports betting in Iowa has seen a significant bump in revenue, which has greatly helped not only the casinos, but the state as well.
What was initially seen as just a small offering to complement the existing casinos in Iowa, has now become a major offering in the market. And, once more professional sports get into the swing of things, sports betting will be even more lucrative in Iowa.
Sports Betting Brings in Rather Impressive Numbers
Now that the Racing & Gaming Commission has released its official financial reports, the public is getting a chance to see just how much of impact sports betting has had.
During 2020, there has been $368 million in wagers placed by Iowans on both collegiate and professional sports competitions. Of that, a whopping $223.6 million was placed online. This is despite the fact that so many sports were forced into a break or hiatus.
It’s only now that professional sports are starting to come back, in training camps and gearing up for abbreviated seasons. With the return of professional sports, clearly casinos are hoping for a huge boost in wagers that will be placed.
Brian Ohorilko, Administrator for Iowa’s Gaming Commission, stated that the numbers would’ve been much lower if it weren’t for the casinos and other facilities offering sports betting.
Sports wagering truly acted as that cash injection that casinos needed to get through the slump that began in Mid-March and lasted straight through until June 1st.
Wes Ehrecke, spokesman for the Iowa Gaming Association, echoed Ohorilko’s sentiments by declaring the benefits of sports betting and how it can become a great amenity for entertainment.
June Recorded Another Bump Thanks to Sports Betting
The month of June got even busier for sports betting as it really showcased just how much interest there is in Iowa.
There was $12.7 million placed in wagers during June with all of that done online except for $1.1 million. The online betting occurred through the use of various sports betting apps that are legal in the state.
During the month of June there was an 82% increase in sports betting compared to the month of May 2020. July is expected to continue the rising trend of total wagers placed as more professional sports gear up to restart their seasons.
Another reason for June’s success was the fact that Iowans started to leave their homes and check out the newly reopened casinos in person, where an injection of cash was seen. The casinos generated $113.8 million in revenue for the month, which is down about 5.5% over the same period last year.
Considering the limitations placed on casinos and the industry as a whole throughout the country, a 5.5% decrease from June 2019 is actually something to be excited about.
Tax Revenue for the State
June generated $1.8 million dollars for the state in tax revenue, which bumped the overall treasury up to $230.74 million dollars. You can expect these numbers to go up as the NBA, MLB, NHL all get their seasons going. Of course, most states will see a huge bump when the NFL and College Football start in the fall.