Midwest Sports Betting Report — Iowa Casino Revenue Dips as Competition From Nebraska Increases
Iowa gambling casino revenue slumped for the secondment month inwards a row, down 6 percent in May. And while summer slumps are vulgar inward the Hawkeye state, at that place is a nod to increased contention from neighboring Nebraska.
The Hawkeye State Racing and Gaming Commission reports sum up familiarized revenue revenue (AGR) at $143.6 million, that’s push down from $153 billion in April. Hawkeye State launched on-site sports betting more than 2 years after voters in NE approved the move.
That was expected as the trading operations inward Cornhusker State are starting to pickax upward a small bit, and so we are starting to control some impact in that location — but nada that wasn’t expected,” Racing and Gaming Administrator Brian Ohorilko said.
Ohorilko says revenue drops are not a major interest but notes Harrah’s Casino and the Horseshoe Casino in Council Bluff’s reported dips inwards the utmost 2 months. Just crosswise the river inwards Omaha, Nebraska, is where ane of the number one sports betting licenses was issued, perhaps knifelike into cross-state gaming traffic in the future.
Iowa’s 19 state-licensed casinos brought inwards more than $1.7 1000000000000 utmost financial year. The stream fiscal year ends at the terminal of June.
Sports Betting Up, But Mixed in Iowa
While tabularise games and slots slumped, sports bets jumped. IA sports betting revenue increased to a greater extent than 17 percent from Apr to May. Overall, sports betting was upward more than 31 percent compared to May 2022.
Revenue and task dollars were up, but the boilersuit handle dropped month-over-month. Thus, the mixed picture. Sportsbooks inward the Hawkeye State brought inward $147,715,126 inwards wagers inwards May, downward to a greater extent than 14 percent from April. It’s the sec sequentially month of handle decline.
The preferred option for Hawkeye State sports betting continues to follow online, with $135 million in palm coming from online gambling.
All but ace of the state’s 19 casinos experience roving sports betting whereas inwards neighboring Nebraska, where sports betting is just launching for the world-class time, mobile sports betting is barred.
Iowa Rank on the National Level
So far, Iowa’s grip for May places the land fourth nationwide followers New York, MD and Indiana. (Not all markets have got reported handles as of publication time)
The effectual sports betting apps inward Iowa in 2023 experience thusly far averaged slightly to a greater extent than $196 zillion per month. That’s around $980,417,920 inward the number 1 Phoebe months of the year pull down more than 9 percent during the same clip period inwards 2022.
It appears the trend for bettors continues to favour sports betting sites, at that place is upside for the retail market where these is a slight growth inward its share. In addition, operators inwards brick-and-mortar locations kept 13 percent of their handle.
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