Iowa Gov. Kim Reynolds has signed the sports betting bill and legalise sports betting in the state. The new law authorises sports betting for the state’s 19 casinos.
Iowa is projected to eventually have more than $4 billion in annual sports wagers. Iowa’s market might be small compared to the likes of Pennsylvania and New Jersey, but it should benefit from being able to capitalise on a lack of legal sports betting in Nebraska and Minnesota. Nebaskans already spend more than $300 mm each year at Iowa casinos.
Iowa could use sports betting as much as any other gaming. Commercial casino revenue was up more than 3% nationwide in 2018, but for Iowa gaming win ($1.46 billion) was up a mere 0.3% over 2017.
