Betting Sector Recovery in Iowa

As the US continues to deal with the coronavirus pandemic, there is evidence that the betting sector is starting to recover in at least one US state.

The latest figures, relating to the state of Iowa, which were released by the Iowa Racing and Gaming Commission show that sports betting revenue across the state totalled $620,740 during the month of June, which represents an increase of 23.9% on the figure for May.

There was a significant morale boost for Iowa’s gambling sector at the start of June when the state’s casinos were reopened. They had been closed since the middle of March, due to the pandemic, and the result had been a fall in revenue to $150,331. But there was strong evidence of a recovery in May, as revenue hit $501,602, and betting operators in the state saw betting levels continue to increase over the past month.

In June, figures showed that players wagered a total of $12.7 million on sports betting, which represents a high rise of 81.4% from the $7.0 million for May. The online sector continued to lead the way, with consumers wagering $11.6 million through digital betting platforms. By contrast, although casinos reopened in June, the spend at land based gambling facilities only hit $1.1 million, with sports betting at casinos actually losing money in June.

In total, 19 casino operators operated in the sports betting sector during June, with the most successful being Prairie Meadows, which has a sports betting partnership with William Hill. It recorded  $228,312 in revenue as a result of total best of $4.5 million, with the vast majority of those bets coming via the sportsbook app rather than the company’s retail site.

The second most successful sports betting operator was the Wild Rose Jefferson casino, which has a sports betting deal with DraftKings. They recorded $125,821 in sports betting revenue, although there was a loss of $1,138 from the retail arm of their sports betting operation.

Another leading Iowa betting operator, the Isle Casino Hotel Waterloo recorded $77,357 in total sports betting revenue during June, from $897,929 wagers placed, while Rhythm City Casino was the sole betting operator in the state to see revenue pass the $50,000 mark. It wasn’t all good news in June for Iowa betting companies. Diamond Jo Worth Casino recorded a loss on sports betting of $45,669, though this operator doesn’t yet have an online sportsbook. Horseshoe Casino Council Bluffs and Harrah’s Council Bluffs Casino also reported losses during the month.

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