Iowa betting market begins recovery in May
The latest figures from the Iowa Racing and Gaming Commission show the state’s betting market recovering from its April struggles in May, with revenue and handle both growing month-over-month.
While the state’s brick-and-mortar casinos remaining closed throughout May as a result of novel coronavirus (Covid-19), amounts wagered via mobile betting apps grew significantly, rising from April’s all-time low of $1.6m to $7.0m.
Customers won back $6.5m during the month, leaving revenue of $501,062, a 233.3% improvement from April’s $150,331 total. This was generated almost entirely online, with the total reduced marginally by a loss from the retail channel.
With no new retail bets taken during the month, the only activity for that channel was bets placed prior to the shutdown, which amounted to a $20 bet placed at Penn National Gaming’s Ameristar venue.
Payouts on bets placed prior to the shut-down across all land-based sportsbooks came in at $5,516, resulting in a $5,496 loss for the channel.
Looking at revenue by venue, six operators without an online sportsbook took no bets during the month.
Of the remaining 13, Prairie Meadows, partnered with William Hill, continued to lead the market. Its sportsbook app took in $2.7m in wagers, up significantly from April’s $869,008 total, with players winning back $2.4m. This left revenue of $250,708, up from $62,175 in the prior month.