Iowa Sportsbooks Are Raising The Stakes
The Iowa Racing and Gaming Commission is the state agency that regulates gambling in our state. About a year and a half ago, Iowa went "all-in" on opening up the sports betting world by relaxing the rules.
The numbers have been astounding ever since, and continue to climb every month.
In a new report published Friday, Iowa's News Now anchor Mitch Fick explains how sports betting is making hundreds of millions of dollars in sales for Sportsbook businesses. The upside for Iowa - it's also generating impressive tax revenues for the state.
Prior to January 1, clumsy and confusing regulations required bettors to pre-register at a casino before they were allowed to place bets online. That has now changed and has made it easier for Iowans to play along without having to visit a casino. All bettors need to do now is download an app and create an account.
Sportsbook companies like DraftKings, and Bet MGM advertise and promote clever introduction offers to encourage new players to sign up.
Since sports betting has been legalized in Iowa, over $937 million has been put into play. Iowa's News Now reports those wagers have climbed for five consecutive months of record-breaking action.
In January Iowa casinos handled $149.5 million in sports betting, crushing December's take of $104.8 million. With the new relaxed rules enacted, over 81% of January's bets were placed online. So far about $983 million in revenue has been reported.
By the end of February when Super Bowl LV wagering amounts are added in, the total amount of placed bets in Iowa will exceed $1 billion since becoming legal.
The gambling industry is doing its due diligence in addressing any potential negative impact caused by excessive or irresponsible wagering by encouraging those with problems to get help by calling 1-800-BETS OFF