Of the 19 US states that have legalized sports betting, New Jersey and Nevada continue to pick the cherry on the cake. However, the state of Iowa could become an unlikely contender for its spot as it aims to launch two new online sports betting apps soon.
The newest entrants in the market
The Iowa sports wagering market is growing at a face pace. Recently, Q Casino and PointsBet launched their own sportsbooks in the state, offering users more options and a more competitive market. PointsBet already established its presence in the state by opening a retail sportsbook at the Catfish Bend Casino in August. It was recently approved by the Iowa Racing and Gaming Commission (IRGC) to launch a digital sportsbook.
The Q Casino sportsbook launched on November 8, but it has previously run a brick-and-mortar sportsbook at Dubuque casino. It has selected IGT as the vendor for the apps but will continue to operate all functions. However, according to state law, punters will have to register themselves at a retail sportsbook before betting online. This law will stay active until January 2021.
Rising sports wagering industry in Iowa
Iowa’s sports gambling industry is growing bigger by the day. Several well-known operators have already started capturing the market. Elite Sportsbook runs three retail locations and one mobile application. William Hill also has four operations in the state. Last Thursday, IRGC approved a new sportsbook at Casino Queen Marquette. Now, all 19 casinos in the state have a licensed sportsbook operation, which gives the state an edge over other states.
Interestingly, the sports betting market in the state is not too old. Wagering started only in August and has grown at an unprecedented rate. According to the IRGC, the state’s 18 casinos handled $42.2 million worth of sports bets and brought in net revenue of $7.7 million. Online sports gambling is growing at a quicker pace. Till October, online sportsbooks handled $51.4 million in bets and earned a revenue of $5.1 million.
With all 19 casinos licensed and new sports betting applications being added to the market, it is highly likely that the state would add bigger revenue figures in 2020. Whether it would be enough to match the likes of giants like New Jersey and Nevada is yet to be seen. However, the future appears bright for the state.