News

Iowa sports betting starts to pay off

Mon 9-16-2019

DES MOINES, Iowa (AP) — More than $8.5 million was wagered at 13 participating casinos in Iowa's first month of sports betting.

Figures release by the Iowa Racing and Gaming Commission show the state reaped nearly $146,000 in tax revenue from the wagers on sports events.

The report shows Prairie Meadows in Altoona topped Ameristar II in Council Bluffs, with more than $3.4 million in sports handle — or money placed on bets — and nearly $2.9 million paid out to betters.

On Aug. 15, Iowa became the 11th in the nation and first in the Midwest to allow such wagering. Iowa's law allows betting on-site or through a mobile app, but requires mobile betting to be done within the borders of the state. Betting software includes precision geofencing technology that nullifies bets made outside of Iowa.