Iowa Sports Betting Thrives in March with Significant Handle Increase
The Iowa Racing and Gaming Commission has unveiled figures for the state’s sports betting sector in March, showcasing a surge in activity.
Breakdown of Betting Preferences
The total sports betting handle reached $272.3 million, marking a 23% growth from February’s $220.6 million. The sector’s growth seems even more remarkable when compared to the same period last year, with a 17% year-on-year increase.
The breakdown of the betting handle reveals a strong preference for online platforms among Iowa bettors, with $251.9 million wagered online, compared to $20.4 million at retail facilities.
Revenue and Tax Contributions
Despite the increase in betting activity, the state’s revenue from sports betting experienced a slight dip, totaling $18.2 million, an 8.4% decrease from the previous year. The revenue split between online and retail betting stood at $16.5 million and $1.6 million, respectively. Meanwhile, players claimed winnings amounting to $254.2 million.
The state’s coffers benefited from this betting activity, with $1.2 million collected in tax, contributing to Iowa’s public funds.
velop and what implications this might have for future regulatory and market strategies in Iowa’s sports betting landscape.
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