Iowa Sports Betting Handle Surges With Remote Registration

Sometimes, the handling of logistical issues is all it takes to really open up a business. That’s something the online bookmakers in Iowa have recently learned.

During the first month of remote registration for sports bettors in Iowa, the state’s bookmakers saw a tremendous spike in both sports betting handle and revenue. In fact, January’s numbers set a high standard moving forward, a standard that is sure to be passed with the Super Bowl coming in February.

According to a report from the Iowa Racing and Gaming Commission on Friday, the numbers indicated a record sports betting handle of more than $149.5 million, which resulted in operator revenues of over $11.3 million. Approximately 10% of that will be going into the state’s coffers in the form of tax revenue.

It is noteworthy that January represented the fifth consecutive month for record numbers in Iowa. In the process, Iowa is now in a position to become the seventh state in the nation to record over $1.0 billion in the cumulative handle. Over the four months ended in January, the state government was able to record over $5.0 million in tax revenue, beating original estimates.

For a little perspective, January’s handle represented a robust increase of 42.7% from December’s total of $104.8 million. Most of that increase is being attributed to the fact that Hawkeye sports bettors were allowed to start registering for betting accounts remotely at the beginning of January. That opened the door for sports bettors who were not or are not living in close proximity to retail sports betting locations.

While prior month mobile gambling numbers lagged behind other states, the in-person registration requirement ended on December 31, 2020. With tens of thousands of sports bettors ready to take advantage of the expiration of the provision, it was not surprising to see such a boost in registration. For the month, the mobile sports betting handle in January reached just over $120.0 million, which represented about 81% of the overall handle. That brings Iowa in line with most of the other top states across the country.

Going forward, the numbers should continue improving with the Super Bowl in February and the “March Madness” college basketball tournament coming in March. Next up after that will be the start of the MLB regular season. If the states that have not yet passed sports betting legislation are paying attention, Iowa is a good example of why they should move forward and pass sports betting laws.