In its first sixteen days, regulated sportsbetting has generated $2.2 million in revenues for betting groups, proving that a small state can be a lucrative market for the activity.
Sportsbetting went live on August 15th, and the first slate of numbers run through the 31st of the month. There was $8.6 million wagered during the period, with gamblers winning $6.4 million. Retail betting saw $4.9 million wagered, and generated $1.7 million during the period. Mobile betting saw $3.7 million generated in wagers, with $424,129 in revenues going to the books.
The Hawkeye State had $145,914 generated in tax revenues for the two weeks, as sportsbetting is taxed at a 6.75% rate for gross revenues.
The numbers show that sportsbetting can be popular in Iowa, which has a population of 3.5 million. The numbers will likely grow, as football season is in full swing. This past weekend the University of Iowa and Iowa State University faced off in the state's biggest rivalry, with the 18th ranked Hawkeyes prevailing 18-17.