Iowa's sports bets chill amid competition
Iowa's sports betting is losing its edge.
- Between June and December 2022, official wagers were down 9% compared to the same six-month period in 2021, according to data from the Iowa Racing and Gaming Commission (IRGC).
What's happening: Iowa, which launched legal sports betting in August 2019, is no longer the newbie in the market.
- As other states legalize sports gambling, statewide advertising and promotions have slowed, IRGC administrator Brian Ohorilko tells Axios.
Driving the news: Sunday's Super Bowl in Glendale, Arizona, marks the first time the event is held where sports betting is legal, writes Axios' Jeff Tracy and Kendall Baker.
- 50.4 million U.S. adults are expected to wager $16 billion on Super Bowl LVII, per the American Gaming Association (AGA). Both figures are roughly double last year’s record tally.
Zoom in: Iowans placed just under $1.148 billion in legal sports bets between July and December of 2022.
- That's down from almost $1.255 billion in the same period the previous year.
State of play: The current fiscal year is expected to be the state's first overall decline since 2019.
- Sunday's Super Bowl should be a big day but unlikely to boost overall gaming totals enough to catch up with the previous fiscal year, Ohorilko says.
- Fiscal year-end totals could ultimately be around 20% lower.
The big picture: 19 states had legalized sports betting in 2020. There are now 33, according to data from the AGA.
- Illinois' program launched in 2020 and Nebraska's is not yet live.
- Proposals in Minnesota and Missouri could have further impact on Iowa's take if ratified, Ohorilko projects.
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