The sports betting industry throughout the United States has started to rebound from the coronavirus pandemic. Perhaps no state exemplified this better than the state of Iowa after it saw a huge increase in sports betting in June.
Iowa was one of the fastest-growing sports betting markets in the US prior to the coronavirus pandemic, and they have been one of the fastest states to recover. Iowa has several big-name sports betting operators that are live in the state, and that has helped them bounce back in a big way.
The month of May was not good for the state of Iowa, but the same thing cannot be said for sportsbooks during June. Sports betting handle has continued to grow, and the state is expected to produce even more impressive numbers in July.
Sports betting handle increased by more than 82 percent in June, and the state brought in more than $5.7 million than they did during May. Total sports betting handle in June totaled $12.7 million.
Iowa sportsbooks have been struggling to make money during the pandemic, but they were able to make a profit as a whole in June. The sportsbooks in the state were able to bring in more than $620,000 in total profit in June, which was an increase of 24 percent.
There were two casinos that led the way in terms of sports betting in Iowa, and they have been leading the way since sports betting launched in the state. The Prairie Meadows Casino and Wild Rose Jefferson Casino accounted for close to $7 million in sports betting handle in June, and they brought in $354,000.
Both of these casinos are partnered with two of the biggest names in the sports betting industry, and it’s no surprise that they were able to bring in some money during the pandemic. Prairie Meadows is partnered with William Hill, and Wild Rose is partnered with DraftKings.
Big July Expected
The beginning of July is expected to produce the same numbers that were seen in June, but the end of the month should produce a huge boom. Several professional sports leagues are set to begin or resume play at the end of the month, and that should produce a considerable number of sports bets.
Major League Baseball is set to begin its 2020 regular season on July 23, and the NBA is set to resume at the end of the month. The NHL currently has games scheduled for Aug. 1, and their season will extend into September.
Iowa continues to have an in-person registration requirement when signing up for a new sports betting account, and that has limited the amount of sports bettors in the state. When casinos are fully operational, the sports betting industry is expected to pick up, and the resumption of live sports should also bring about a large number of bets.