Iowa has witnessed a huge jump in its sports betting revenue from $620,740 in June to a whopping $2.2 million in the month of July.
It is a significant increase in revenue, especially if we consider the dismal economic condition of many other states. But for Iowa, it is more welcoming as the state’s sports betting industry is starting to boom following gloomy months of the pandemic.
July Marked An Epoch In Sports Betting
With a surge in live sports, the state of Iowa opening up more, sports betting handle in July, and revenues are motivating signs that the state’s gaming industry is recovering.
Yet, it was not only the tax revenue that saw an upward trend, the overall betting handle jumped to a solid $22.9 million in July. It was a huge increase from June’s total of $12.7 million.
More precisely, mobile sports betting was the main source of revenue for the month of July with $1.3 million, and addition to $17.8 million in total handle.
Still, land-based sports betting cannot be ignored either as it too had a great month with a betting handle of over $5 million and tax revenue for Iowa that totaled $915,582.
Iowa Legalized Sports Betting Timely
Sports betting has been legal in Iowa for almost a year now. The governor signed the betting bill into law back in May 2019. In fact, the state holds a covetous title as being one of the fastest states in the US to launch sports betting after signing the bill.
Not more than 94 days elapsed between the time of Governor’s signing and the moment in which sports betting was live. The comparison put behind many states that have been seeking to have a bill signed into law for over a year now.
Iowa lawmakers focused, resolved, and just did what they thought was in the best interest of their state. Considering the critical economic situation in the wake of the pandemic, it looks like the fast-paced process paid off eventually.
Iowa is Now Set to Give Increased Options to Bettors
The next phase for Iowa sports betting looks encouraging as it launches on January 1, 2021. The players will be able to register their betting accounts online from any part in the state.
The increased access will make things easier for players like never before. Many believe it will gain many more players. For now, the players have to visit a casino in person to get themselves registered for an online betting account.