Record Wagering
They played the Super Bowl yesterday, and there was no doubt a huge amount of money wagered on the big game. That’s because it’s gotten so easy to place such bets.
Iowa sportsbooks have grown tremendously since they first became legal in August of 2019, with subsequent change in the law to allow mobile bets.
In fact, for the first time ever, Iowa hit $300 million in sports wagering over a single month last month. That in turn led to another milestone—the state’s lifetime sports betting handle topped $3 billion, up to $3.1 billion as this month started two weeks ago.
And there’s more…more than two-thirds of all bets made in Iowa since legal sports betting began—more than two-thirds—came in the last year alone.
Need more? Of the $303.3 million in wagers last month, $275.9 million of it came online. January’s total was up 13.8% from the month before, and up a whopping 102.9% from the same month a year ago.
The tradeoff for all that, of course, is tax revenue for the state…almost a million dollars last month, $964,525 to be specific.
The dollars keep climbing…and there does not seem to be an end in sight.
