Just a month after Iowa legalized sports betting, more than $8.5 million has been wagered, according to the state’s gaming officials.
The wagers were placed at 13 of Iowa’s 19 casinos that are participating in sports betting, and the Iowa Racing and Gaming Commission (RGC) reported that the state generated close to $150,000 in tax revenue from the wagers on sports events.
Iowa is the 11th state to legalize the activity after a U.S. Supreme Court ruling issued last year opened sports betting up to all U.S. states. Sports betting became legal in Iowa Aug. 15.
In what some considered perfect timing given the start of football season, Iowans are allowed to bet on sporting events at an authorized casino or through a mobile app. Mobile betting, however, must be done only within the borders of Iowa.
A report published by the RGC said that Prairie Meadows in Altoona saw more than $3.4 million in sports betting and about $3 million in winnings given to wagers.
Eventually, all of Iowa’s 19 casinos will offer sports betting.
Wes Ehrecke, president and CEO of the Iowa Gaming Association, hailed the legalization of sports betting in Iowa as “an exciting and historic opportunity for those who enjoy watching pro and college sports, who will look forward to being able to place wagers in a regulated, legal and fun environment.”
He added that the state’s commercial gaming industry “is considered a viable part of Iowa’s economy and adding value to the state’s entertainment and tourism industries.” The industry provides $1 billion in annual economic impact, he said.