The Iowa Racing and Gaming Commission have released the numbers for August and the data shows that there’s plenty of optimism for the immediate future of Iowa’s sports betting industry.
During the month, more than $50 million dollars were wagered by residents, which is an increase of $22 million over the month of July. Concerns over the industry rebounding are no longer a question as it’s clear that sports betting in Iowa is trending in the right direction.
Numbers Not Seen Since January
Not only did August mark a huge increase over the amount of wagers placed in June and July, it also means that the revenue numbers increased by the tune of 33%.
Tax revenue totaled over $3 million for the month of August, which is actually the first time that has happened since January. It’s a very positive sign that there is a lot of interest in the sports betting industry and that people are feeling more confident to place those bets.
The fact that so many live professional sports are back has helped greatly. And, now that the NFL has begun, the interest in wagering on sports is definitely growing.
When sports betting was first legalized in Iowa, the state saw an increase in revenues each month, which was looking like the industry was going to be very lucrative. All of that hit pause during the spring/summer months due to the pandemic, but it appears that is no longer a concern.
Could September Be a Record Month?
Currently, experts are predicting that September could end up being a record month for sports betting in Iowa. In order to do that, the handle would need to surpass the current record set in November 2019 of $59 million.
Considering August brought in over $50 million, it’s really not that far of a stretch. Additionally, all of the major professional sports leagues are playing and the NFL will be in full swing during September.
In fact, with Big Ten football returning in October, that month could shape up to break any records set for the state in September or last November.
One Surprising Standout
While there are certainly a lot of sports to bet on at the moment, one sport that has really helped to drive the rebound, and even keep the industry going when it was looking bleak is greyhound racing.
Tracks such as Q Casino’s Iowa Greyhound Park are welcoming people with open arms, including those from out-of-state looking to enjoy a little racing action. The track is now open to the public and has taken safety measures to space out the seating as they provide markings on the floor to ensure people are able to socially distance properly.
Not only can spectators watch races at the track, they can also take in the various other races that are shown on the many TVs within the Q Casino. People can go ahead and place bets in-person at the Dubuque’s Casino or remotely.
Even with the pandemic, the shutdown, and the pause on sports, race tracks in Iowa are set to make approximately 20% more than they did last year. Not too shabby considering so many other states can’t say the same about their sports betting industry rebound.
As a longtime freelance writer, avid sports fan, former athlete, and experienced sports bettor, Rick Rockwell has risen up the ranks at GamblingSites.org to become the self-professed "King of the Blog" in his first year with the site. ...
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