Forecasts show that Iowa will experience a sharp increase in sports betting as the previous requirements of in-person registration, which has been a limiting factor, has finally expired. This will give sports fans the freedom to create online casino wagering accounts.
Sports betting first became legal in Iowa in August 2019, and the gambling law required that bettors open accounts in person in a brick and mortar casino before they can bet via mobile casino apps and online. This in-person requirement has now expired since January 1, 2021.
Growth of Sports Betting in Iowa
During the entire fiscal year after legalizing sports betting, a total of $368million was handled by the sportsbooks, and a revenue of $25million was generated. However, this has been surpassed just five months into the current fiscal year. Over $27million of revenue has been generated, out of which $ 13.8million was made from online betting due to Covid 19 protocols encouraged players to avoid physical gambling centers.
Industry experts argue that online live casino betting can account for as much as 90% of the total revenue. Once the requirements for in-person registration are completely lifted, it will be easy for more people to participate.
There are currently eight sport betting organizations that are authorized to run mobile betting apps within the region of the state. However, the Racing and Gaming Commission estimates that the number will increase to 20 soon since different operators are in the process of obtaining their license.
A Sharp Rise in Sports Betting Application
In a recent interview, Brian Ohorilko, the Administrator of Iowa Racing and Gaming Commission, revealed that the sharp increase in the number of applications for the license of sports betting in recent times is similar to what the agency witnessed around the time where sports betting was legalized in the state.
He further added an increase in partnership between online sports betting platforms and real-life casinos, and many of such casinos have gotten their second or even third online betting site.
The law permits land-based casinos to own two branded betting sites, while the Gaming commission is saddled with the task of permitting a casino to own a third website if they deem fit.
The previous in-person requirement for registration was furiously opposed when it was introduced. The critics claimed it would hinder people from participating and limit the flow of revenue.
However, the lawmakers who defended the decision noted that it was only a temporary requirement to introduce the people to the online betting world; after all, the brick and mortar casinos offered better security.
Where Else is in-person registration in Force?
Another state that enforced the in-person registration requirement was Illinois in 2019 summer when they legalized sports betting. However, Gov Pritzker lifted the requirement in June since the land-based casinos were locked due to the Coronavirus pandemic. Even when they were reopened, players were encouraged to stay away from crowded places.