- The state of Iowa had a 55.1% increase in sports betting revenue in March.
- Sportsbooks saw a decrease in traffic as sports continue to be shut down amid coronavirus outbreak.
- Online sports betting has accounted for the majority of the revenue stream.
DES MOINES, Iowa - Despite the shutdown of sports caused by the COVID-19 pandemic, Iowa has managed to see a sports betting revenue increase in March. A bulk of the revenue stemmed from online sports betting.
The Iowa Racing and Gaming Commission (IRGC) released figures that showed the month-on-month increase of $1.2 million.
Sports betting handle has decreased, however, meaning there are fewer bets being taken. Despite this, the increase in revenue is a win for Iowa sports betting as the nation awaits any significant change that would bring active sports back to the world.
Sports Betting Win
Iowa sports betting increasing in revenue despite the decrease in wager handle and the shutdown of sports is a big win for the Hawkeye State.
As reported by the IRGC, Iowa saw a 55.1% increase in March from February. Online sports betting accounted for a bulk of the revenue, with only $69,933 coming from land-based operators. This could mainly be attributed to casino closures in an effort to stop the spread of the coronavirus.
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William Hill backed sportsbook at Prairie Meadows Racetrack and Casino lead the charge. They took in $612,064 in revenue from $6.8 million in sports bets. The Isle Casino Hotel in Waterloo, also backed by William Hill, generated $140,499 in revenue after $1.7 million was wagered.
Despite the mostly global shut down of sports, Iowa is still seeing a lot of sports betting volume, though it is steadily decreasing.
Sports wagering is down 66.5% in March from February. In March the handle amounted $19.6 million while February saw $56.9 million in sports wagers. As sports continue to be shut down, this is only looking to continue to decrease as the months persist.
Iowa joins New York as another state that saw revenue increases in March. We will have to wait and see how well these states do for the month of April.
After graduating from Florida State University with a degree in creative writing, Giovanni spent his professional career writing short stories for online journals. Now at USAOnlineSportsbooks, you can find him keeping fans up to date on their favorite teams best betting odds. Giovanni still tries to incorporate his passion for storytelling through the perspective of sports betting.
