What Are The Odds? Iowa Sports Betting Industry is Evolving Quickly
When sports betting was legalized in Iowa in August of 2019, sports fans beamed with excitement and the Iowa Senate had dollar signs in their eyes at the mere thought of the 6.75% tax rate imposed on the bets.
Although Iowa's tax rate on sports betting is considerably lower than that of other states, the state has still managed to make $9,339,997 in total sports betting taxes, according to PlayIA.com.
But while sports betting is popular, it's not the most significant stream of gambling revenue for the state. As of right now, casino games are the real moneymaker, generating $300 million in tax revenue for Iowa. This may change, however. The Administrator of the Iowa Racing and Gaming Commission, Brian Ohorilko, said the sports betting industry is “evolving very, very quickly.”
According to Ohorilko, the purpose of adopting sports betting in Iowa was to allow “people who were wagering illegally to bet on sports legally in a regulated market.”
While sports bets don't drive the largest revenue for casinos, they do appear to be increasing in popularity. A spike in sports betting revenue is expected once March Madness 2022 rolls around.
You can review all Iowa sports betting statistics by the numbers at PlayIA.com.