Another month and another sports betting record is broken. According to data released by the Iowa Racing and Gaming Commission, the state of Iowa collected $280.9 million in wagers in October, which is a new record.
Bettors wagered $9.1 million per day on average, compared to $2.6 in October 2020. Since Iowa became the first state in the midwest to legalize sports betting in 2019, the sportsbooks in the state have collected $2.3 billion in wagers.
Online betting accounted for $249.9 million, or 89%, while retail in person was about $31 million.
October was up by over $70 million compared to September, the previous highest-grossing month, primarily due to college football and the NFL.
Out of the $280.9 collected, the licensed sportsbooks took in $6.56 million in net revenue, and the state collected $514,641 in taxes. So far, for the fiscal year that started in July 2021, the state has received $1.81 million in taxes.
Additionally, in the last three months, Iowa sportsbooks have generated $599.8 million, which is more than the $575.2 million in the entire 2020. In terms of gambling revenues, Iowa missed on the top 10 last year, but it looks like it might climb to that prestigious rank this year.
November is set to be even more promising, with the NBA and NHL seasons recently getting underway and football season getting more interesting, as teams are pushing for the playoffs.
Aside from sports betting, the state’s 19 casinos had a solid month with $151.6 million in revenue, and the state took in $30.65 million in taxes. Since July, Iowa has collected $112.3 million in taxes on $593.9 million in casino revenue.
