Iowa sportsbook revenue plummets 87.2% in April
The Iowa Racing and Gaming Commission (IRGC) has reported an 87.2% month-over-month decline in sports betting revenue for April, after the novel coronavirus (Covid-19) pandemic all but cleared the sporting calendar and shuttered the state’s casinos.
Revenue for the month dropped to $150,331, with amounts wagered dropping to $1.6m, down from $19.6m in March. This was by far the lowest monthly handle reported since the market opened, and exclusively generated online, after the bricks and mortar venues shut from March 17.
Furthermore, prospective new online customers are required to register in person at a land-based facility before they can place bets via websites and apps, meaning there was no way to sign up new customers.
Players won $1.4m, leaving online revenue of $156,838. However this was reduced by $6,455.88 paid out to retail customers, most likely for bets placed in prior months, while handle was reduced by $51. This may have been due to Q Casino ($37) and Hard Rock ($14) refuding customer stakes.