Positive Growth in Iowa Sports Betting Revenue Anticipated for Fall Football Season

Posted on: August 28, 2023, 01:58h. 

Last updated on: August 28, 2023, 01:58h.

Iowa’s sports betting market is gearing up for preseason football and capitalizing on summer sports wagering revenue.

The Iowa Hawkeyes are ranked second in the Big 10 West division heading into the start of their 2023 season. (Image: Black Heart Gold Pants)

The state’s handle remained above $100 million in July, indicating a slight decrease from earlier this year. However, thanks to a hold of approximately 10% in July, operators and the state of Iowa saw an increase in revenue.

With preseason football underway, along with the start of NCAA regular-season games at the end of the month and the beginning of the NFL regular season on September 7, the expectation is for both hold and spending to grow. The most recent data from the Iowa Racing and Gaming Commission reveals that sportsbooks generated $10.6 million in net receipts in July.

This figure represents an over 40% increase compared to June’s $7.1 million. The state collected $713,722 in revenue from July’s receipts, marking a 25% increase.

On the other hand, player spending in July declined from the previous month. The total handle for the month was $109.7 million, a 5.4% decrease from June.

In July, online spending amounted to $101.3 million, with retail wagering at $8.4 million. While July’s handle represents the fourth consecutive month of decline in spending, summer is typically slower, and the fall season is expected to bring increased activity. Casinos also tend to see a rise in revenue during the fall.

Iowa Casinos Strive for $2 Billion, Falling Short for Now

According to the latest release from the Iowa Racing and Gaming Commission (IRGC), the state’s 19 brick-and-mortar casinos have performed similarly to previous July periods.

The IRGC reports that adjusted gross revenue for the month was approximately $150 million, slightly down by just over 4% compared to 2022. However, revenues have remained relatively consistent so far this year.

The report from the IRGC focuses on slots and table games for the 19 casinos. If Iowa is to reach the $2 billion milestone, the second half of this year will need to show an increase in revenue. There is some momentum to build on, as 2022 was a record year with Iowa casinos reporting $1.76 billion in revenue from traditional casino games and slots, along with an additional $139 million from sports wagering.

While casino admissions reached a record high in 2022, they have experienced a 2% decrease thus far in 2023.

The most notable difference in July was the decline in fees paid by casinos to state and municipal governments, which decreased by nearly $2 million compared to last year.

Iowans’ Expert Poker Face

Following up on previous reporting, Iowa football player Isaiah Lee has left the program after being accused of betting on his team’s games, including one in which he bet against the Cyclones. Lee played in all 12 games last season and was among the athletes charged last week in connection with the state’s investigation into illegal sports wagering at Iowa State and Iowa.

Meanwhile, a recent survey reveals that Iowans have the best poker face in the United States.

As per BetMGM, Iowans are considered the best at keeping a straight face. The survey, which included 3,100 participants from 44 states, gave Iowa a perfect score of 100. BetMGM suggests that Iowans lie or deceive more frequently than individuals from any other state and are also the most successful at getting away with it.

The survey took into account four factors: frequency, proficiency, and comfort level while lying, as well as the success rate in getting away with a lie.

Massachusetts residents scored second with a score of 70 out of 100. On the other hand, the survey determined that Ohio has the worst liars, with a score of just 9.4 out of 100.

Source link

Leave a Comment