Iowa’s Sports Betting Handle Goes Down To $1.5 Million

Iowa’s Sports Betting Handle Goes Down To $1.5 Million

The state of Iowa witnessed a drastic fall in its sports betting revenue for the month of April. The state’s handle was just $1.5 million, most of which came via its mobile betting options.

Problems within the state

The state’s handle was April was $1,568,497 million, marking a massive 92% slump from March’s $19,576,985. The mobile betting handle was down by 88.2% month-on-month at $1,568,497 i.e. the entire handle of the state. In March, it earned $13,316,068 from mobile betting offerings. The activity was only from existing users in the state because all punters need to register themselves at land-based casinos before they can start mobile betting.

Iowa’s Sports Betting Handle Goes Down To $1.5 Million

As all casinos in the state have been closed since mid-March, there was no way new users could be added. The shutdown followed orders for closure of all schools and retail establishments by Gov. Kim Reynolds. However, the state did not have a stay-at-home order. The sports betting revenue for April declined 87.2% from $1,171,164 earned in March to just $150,331. On May 8, the governor allowed retail stores, malls, and fitness centers to reopen. However, they can only do so at 50% capacity.

What’s next for the state?

Gov. Reynolds has directed all 19 commercial casinos in the state to remain closed till May 15. Several other states have similar guidelines for casinos but it is unclear when and how they will be allowed to reopen. Station recently announced that it would be reopening its casinos throughout the country with limited capacity.

On the other hand, many sporting events are looking to get back on track with UFC, NASCAR, and PGA, giving new timelines for their events. This could help in boosting the state’s handle and allow new users to enter the market as casinos reopen. Note that the state doesn’t allow its punters to bet on eSports because of which they have to wait till traditional sporting events return.

Iowa Racing & Gaming Commission administrator Brian Ohorilko said that esports has not been approved for betting in the state as they may not meet the statutory requirements necessary for an authorized sporting event. However, he said that they are doing more research in this matter and will determine whether fans could get access to these events or not.

Avatar

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.