Iowa surpasses previous monthly record for sports betting
Over the last few months, we have witnessed impressive revenue figures in a number of US states, for sports betting, as the market continues to gather pace.
While Michigan, which only became regulated in January, grows at a substantial monthly rate, it is Iowa that has now set a new record for sports betting figures for November.
As a result, over 90 per cent of bets made in the state in November were generated via online sportsbooks, which boast impressive reading, in terms of numbers of $250.4 million, equating to $16.8 million in revenue.
Closing in on record year
Should December relay similar numbers, it would mean that Iowa has a good chance of surpassing $2 billion for the year, according to PlayIA – an industry analytics source for the state of Iowa.
Indeed, Eric Ramsey, an analyst for PlayUSA, which includes PlayIA as part of its network, indicated that operators have been able to attract new customers due to the popularity of certain sports.
“The expansion in betting in Iowa over the last three months has set a new floor for the industry,” he stated.
“Operators have used the popularity of football to not only attract new customers but also to expose existing bettors to more diverse forms of betting. The growth this fall will benefit state sportsbooks for the months and years to come.”
During the month, it was found that an average of $9.6 million worth of bets were wagered each day – beating October numbers of $9.1 million daily.
Busy sporting calendar a big factor?
Currently, the US is in the midst of a hectic sports schedule for three of the country’s most popular competitions – the NFL, NHL and NBA featuring games almost on a daily basis, amounting to numerous betting markets for customers.
In addition, more and more states, including Iowa have approved new operators, with this likely playing a part in the increase in figures; each of these competing to attract new customers with effective welcome packages.
It will be interesting to see if the end of these seasons has an effect on the numbers in the new year, though the MLB will run throughout next year, while European soccer markets might also play a part in revenue contribution.