Iowa sports Betting Handle Crosses $100 Million in December 2020

Iowa sports Betting Handle Crosses $100 Million in December 2020

The Hawkeye State entered the New Year on a high as its Iowa sports betting handle crossed $100 million in December 2020. Though the figure came as a surprise, the state now expects it to remain above $100 million till April.

The staggering growth in sports betting

Iowa is the 8th state to cross the $100 million mark in sports betting in a month in 2020. According to Iowa Racing and Gaming Commission (IRGC), the state’s sportsbooks generated $104.8 million in the last month of 2020. This marks the 3rd record-setting month for the Hawkeye state since legalized sports betting began in 2019.

Iowa sports Betting Handle Crosses $100 Million in December 2020

IRGC administrator Biran Ohorilko was surprised that the state managed to go past the $100 million thresholds. He said,

“This is our highest month since we started back in 2019, and it was the first time we surpassed $100 million in handle. I did anticipate that we would eventually get there, but I think this is maybe a bit earlier than I thought.”

Online wagers take the lead

About $97.3 million of the $104.8 million in wagers, were returns to bettors via payouts. Operators kept $7.54 million as profit which returned a 7.2% operator profit margin. This is within the long-term accepted range of 7% and 8% for the industry. Of all December wagers, 74.4% were placed online. The upcoming NCAA March Madness and Super Bowl will only add to the state’s sports betting handle.

On January 1, 2021, the state changed a law that makes in-person registration at one of the licensed casinos in the state compulsory for betting. This would promote wagering further and allow more people to enjoy their favorite sports in a new way.

The fiscal year-to-date calculations (beginning July 1, 2020) seem promising as the total wagers for the period crosses $419.5 million. Bets worth $300 million were placed online. This helped generate $2.37 million in tax revenue for the state.

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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.