Iowa is raking in the cash thanks to a rather large increase in the amount of sports betting revenue it took in during the month of July. The state was able to cash in on $2.2 million dollars’ worth of revenue, which is up from $620,740 in June.
Considering how cash strapped many of the states are right now, this significant increase in revenue was welcomed with open arms. It’s also a very clear sign that Iowa’s sports betting market is starting to rebound and return to a healthy level.
July Was a Big Month for Sports Betting
With an increase in live sports and the state opening up more, July’s sports betting handle and tax revenue are encouraging signs that Iowa’s gaming industry is on the rebound.
Mobile sports betting was the driving force for the month of July with $1.3 million in tax revenue and $17.8 million in total handle. But, it’s important not to discount land-based betting, as it too had a successful month with a betting handle of $5.1 million and tax revenue for the state that totaled $915,582.
Iowa Wasted No Time Legalizing Sports Betting
Sports betting has been legal for almost a year now as it was signed into law by the governor back in May 2019. Iowa actually holds an interesting title as being one of the fastest in the entire country to launch sports betting after signing the bill.
From the point the bill was signed by Gov. Kim Reynolds to the point in which sports betting was live was only 94 days. It makes many other states pale in comparison, especially when you consider some have been trying to have a bill signed into law for well over a year now.
Iowa took a determined approach and got down to business right away. Considering the very tough financial times at the moment, it looks like that fast-paced process certainly paid off.
Looking Ahead Iowa Preps to Give Bettors More Options
Iowa’s next phase in sports betting looks just as promising as it launches on January 1st, 2021. At this time, bettors will be able to register betting accounts online no matter where they are in the state.
This remote access will open up a whole new door of convenience, which many believe will draw in more bettors. Currently, people need to visit a casino in person in order to register an online sportsbook account.
Rick Rockwell
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. …
