In August, Iowa sports betting returned to its pre-pandemic trend of witnessing continuous growth in numbers since May 2019. The state saw a great month in August during which residents wagered more than $50 million, representing an increase of $22 million from July.
The August numbers issued by the Iowa Racing and Gaming Commission reflect a return of residents’ enthusiasm toward sports betting. These figures also show a huge potential for the sports betting industry to flourish in Iowa.
What’s more, the data has also shut down the fears emanating from the pandemic that sports betting will reduce in light of the coronavirus outbreak.
Greatest Numbers Since January
After months of inactivity, August saw significant amounts of wagers placed and a 33% jump in sports betting revenue.
For the month of August, revenue crossed $3 million for the first time since January 2020, suggesting people have now resumed their interests in sports betting. After months of closures and uncertainty, residents are feeling more confident to place wagers once more.
Another factor that has contributed significantly is the return of several live professional sports; with the NFL kicking-off last month, the interest in betting on sports is growing sharply.
When sports betting was legalized in Iowa in 2019, the state witnessed a gradual increase in revenue each month. By the end of 2020, it seemed clear that the betting industry was going to be very productive.
However, all the gains were reversed by the coronavirus pandemic that put a halt to all non-essential businesses in the US. Thankfully, it seems Iowa’s sports betting industry is gaining momentum once again.
Could September Do Any Wonder?
After August’s success, expert industry analysts predicted September to be a record month for sports betting in Iowa. To achieve that milestone, the handle needed to cross the existing record of $59 million set in November 2019.
The state of Iowa not only hit this record but broke it fair and square, recording a $72,397,241 in total sports betting handle. This is up by 43.9% from August’s $50 million, bypassing last year’s record and increasing by 87.8% from September 2019.
This is largely to do with the major sports leagues being back in action including the NFL which kicked off in September. As the season continues through October, it seems this month may boast the same success.
Furthermore, with Big Ten football back to action in October, this month is expected to shatter records set for the state yet again.
Greyhound Racing, A Dark Horse?
Although there are many sports to bet on at the moment, a particular sport that has indeed helped to drive the recovery for the industry is greyhound racing.
Tracks like Q Casino’s Iowa Greyhound Park are encouraging people to enjoy the racing action. Now, the track is open to the public and has taken necessary measures to space out the seating to ensuring social distancing at the venue.
Spectators can watch live at the track, alongside taking in several other races and conveniently placing bets in-person at the Dubuque’s Casino or do so remotely.
It is interesting to note that despite the pandemic and the related closures and pause on sports activity, racetracks in Iowa are set to make roughly 20% more than they did in 2019. It is incredibly encouraging, especially considering many other states cannot boast the same about the rebound of their sports betting industries.