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Growth in Iowa's Sports Betting Market and Maine's Revenue Trends for Fiscal Year 2024
Sports Gambling in Iowa Increase in Popularity; Wagers Increase
March 2, 2020 TamaraTam
Sports gambling sector in Iowa is making slow but constant progress. The entire industry gets more recognition among players which improves overall acceptance of the games.
More About Numbers
According to the Iowa Racing and Gaming Commission’s November report, both mobile and retail sports betting sector marked a handle of $59.3 million, which is 27.5% better than the month before. Since the introduction of the sportsbook option about six months ago, Iowa has recorded a total of $270.3 million with mobile wagers making $152.4 million of the overall amount.
The first intention of Iowa lawmakers was to introduce the registration requirement for all new customers. According to the idea, registration should be in person at one of the state-recognized casinos. After considerable resistance, the measure has been included to prevent minor gambling. However, lawmakers additionally mentioned that condition can be changed.
President and CEO of the Iowa Gaming Association, Wes Ehrecke observed:
“This just gave that comfort level for legislators, as well that there’s going to be this time frame to get things established.”
What is Planned
The Iowa Gaming Association plans to lift the registration condition after 18 months. It leads to the conclusion that next January will see a lot of gamblers completing the registration process at state casinos. Meanwhile, the operators will hope to see the regular growth of the sector before the expected highlight.
Iowa Racing and Gaming Commission has already granted licenses to 19 venues in the state. Ten casinos have already included a mobile sportsbook option. Casino.org explains that nine providers already have two months of mobile app operation. At the same time, the Hard Rock Hotel and Casino Sioux City have been granted with the mobile platform in this past December.
Casino.org further added:
“While a majority of the casinos have seen increases in traffic, the initial results are mixed. Of the eight that have seen increased casino traffic, four reported growth of less than five percent. Three of the 10 casinos saw adjusted gross revenues either decline or remain the same, and three casinos saw issions increases exceed revenue growth, with two far exceeding.”
At the moment, there are nine operators who plan to introduce a sports betting option. FanDuel will have participation in five betting projects. At this time the operators don’t have problems with the number of registration requests, but it will change in the following period. By the next January, all remaining casinos will develop sports betting platforms and the number of interested customers will significantly grow…
Source:
„Sports gambling in Iowa gains more traction as online wagers increase“, Erik Gibbs, calvinayre.com, February 18, 2020.
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What a great result for Iowa! The sportsbook sector has already made some milestones and I expect to see additional success. Looking forward to the next January….