As reported by Iowa Racing and Gaming Commission, sports betting in the state has reached new highs in January, with an upward trajectory expected in the coming months as a result of big-ticket sporting events in February and March. For the first time, the first month of 2022 saw more than $300 million wagered on sporting events in the state in a single month. The state’s lifetime sports betting handle has now reached to $3.1 billion.
More than $303 million were bet on sports during January, $276 million of which was wagered online, according to the IRGC. The monthly total was up 13.8% from $266.5 million in December and up 102.9% from $149.5 million in January 2021. That number is expected to grow during February and March due to the Super Bowl and the college men’s basketball tournament.
According to Russ Mitchell, lead analyst for Play Iowa, January’s betting figures were boosted by an extra week of professional football games under the league’s new 17-game regular season schedule, and strong interest in the Iowa and Iowa State men’s basketball teams and professional basketball’s Chicago Bulls.
Casinos and sports betting companies cleared $14 million in net receipts on those wagers in January, according to state data.
American Wagering Inc., which owns the Caesars sports betting program, saw $113 million in sports wagers, followed by DraftKings which had $69 million in bets and FanDuel with $3.5 million.
Brian Ohorilko, administrator of the Iowa Racing and Gaming Association, stated: “We are still learning more about this new market in Iowa, but we may see February’s number stabilize or decline without the weekly NFL games, even with the Super Bowl factored in. We should see an increase again in March with college basketball driving the market”, Gazzette Des Moines reported.
Ohorilko also added that overall casino revenue was stable in a year-over-year comparison.