Iowa Gaming Revenue Shows Signs of Recovery in May
The Iowa Racing and Gaming Commission has revealed the state’s gaming performance in May, with the industry showing signs of recovery.
Mobile wagering more-than-quadrupled, compared to April’s all-time low in this respect.
The state’s regulated operators also enjoyed a significant revenue increase, compared to what they had endured in the previous month.
Iowan land-based casinos remained closed for the entirety of last month, as part of the continued response to the novel coronavirus (COVID-19) pandemic.
The figures on a more granular level
Players in Iowa wagered a total of $7.0 million, which was a sizable rise on the $1.6 million that they had placed in April.
From the above figure, winnings amounted to $6.5 million. As a result, operators generated $501,062 in revenue. This was a 233.3% jump on April’s total of $150,331.
Prior to the temporary closure of all land-based casinos in the state, operators paid out $5,516. This signaled a $5,496 loss for these venues. Just $20 was retained, which was from a bet placed at the Ameristar venue owned by Penn National Gaming.
Which Iowan betting operators were the big winners?
William Hill-partnered Prairie Meadows continued its dominance of the betting landscape in the Hawkeye State. Players wagered $2.7 million on its sportsbook app, which was much higher than April’s figure of $869,008. Total revenue of $250,708 was made from this channel, up from $62,175 in the month before.
In second place was another partner of William Hill, Isle Casino Hotel in Waterloo. Isle Casino Hotel handled $971,193 and kept $79,518 of this. That was a rise from the $26,788 in revenue that was generated in April.
Third on the list was Wild Rose Jefferson, which shares an operator license with Boston-based DraftKings. Handle last month soared from April’s meagre $38,393 to $800,786. Revenue surpassed the entire handle of the month prior, too, totaling $39,077. In April, it had made $11,279.
Iowa casinos beginning to reopen
From June 1st, casinos in the Midwestern state have been allowed to reopen their doors. Elite Resorts took immediate advantage, and have had all of their properties open since the beginning of this month.
Despite Elite Resorts starting to welcome customers again, other operators are taking their time when it comes to doing the same. For Prairie Meadows, land-based operations probably won’t resume before next Monday (June 15th).
Operators could soon get a sports betting boost
Sports betting in Iowa first went live in August 2019, and its first anniversary could well be celebrated with… actual, real-life sports.
Having been suspended since March, the NBA recently had a reformed season restart approved by its Board of Directors. If all goes to plan, the US’ main basketball league will return on July 31st.
The association is currently negotiating with Walt Disney Company to see if it can use Disney World near Orlando as its base for the remainder of this campaign. This would involve players training, playing and staying at the complex.
The ongoing season is expected to conclude by October 12th. Following on from that, the NBA Draft would take place on the 15th of that month. As for the 2020-2021 campaign, that will begin on December 1st if all goes to plan.
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