According to data provided by GoldenCasinoNews.com, Iowa state’s online sports betting revenue increased by over 500% in three months after launching in August this year.
This is a clear sign that the industry has space to grow and expand if clear regulations are set in place.
Our research, which was based on data provided by the Iowa Racing and Gaming Commission (IRGC), shows that Internet Net Receipts grew from $424,128 in August to $2.02 million in September and $2.65 million in October.
This comes after the legalization of sports wagering in May 2019 that went live in August. This portion of the gaming industry is currently being overseen by the Iowa Racing and Gaming Commission that controls retail and mobile sportsbooks solutions for users.
Since August 14, individuals can experience a traditional sports betting experience in a regulated environment and with a clear legal framework within the state.
It is worth mentioning that the results discussed above must take into account that not all the firms started operating on August 14. Thus, the Internet Net Receipts for August include only the reports presented by the companies operating at that time and for a period of 17 days.
Iowa is the 11th state in the United States to legalize sports wagering. Several gambling companies have already received their approval to operate, and many more could do so in the future.
The platform with the largest Internet Net Receipt was Prairie Meadows Racetrack & Casino, which registered $1.54 million in October. This was followed by Grand Falls Casino Resort, with almost $500,000 last month.
As reported earlier, the online betting giant William Hill has also entered the Iowa market back in August to gain a stronger presence in the U.S. market.
The American market is very important for companies coming from different jurisdictions. Clear regulations and laws are helping firms to expand their presence in the industry.
Despite that, each state imposes different measures and regulations for sports betting and other gambling activities, which makes it more difficult for businesses and services providers to launch their desired solutions and reach a larger number of users.