Iowa's sports betting hits record $2.6 billion
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Iowans have placed a record $2.6 billion in legal sports bets during the fiscal year that ended in June.
Why it matters: Missouri could siphon some of that revenue away after voters legalized sports betting there last month.
Catch up quick: Iowa launched sports gambling in 2019, soon after the U.S. Supreme Court struck down a law that made it illegal in most states.
- Iowa's bets have so far generated almost $45 million in state taxes, which are deposited into a state fund that helps pay for gambling addiction treatment programs, philanthropic projects and tax incentives for charitable giving.
State of play: Missouri was the 39th state to legalize sports betting and expects it to begin next year.
- All states surrounding Iowa except Minnesota now allow sports betting.
What they're saying: Gambling regulators continue to monitor how new markets like Missouri affect betting in other states, Tina Eick, administrator of the Iowa Racing and Gaming Commission, tells Axios.
Context: Gamblers must be physically located in a state to place sports bets, so some Missourians were presumably crossing state lines to wager.
- So far, legal plays in neighboring states have yet to dampen overall enthusiasm in Iowa, Eick says.
The big picture: Americans bet $121 billion on sports last year, a 30% increase from 2022, according to the American Gaming Association.
Friction point: Multiple recent studies have concluded that sports betting access is linked with lower credit scores and more bankruptcies, Stateline reports.
- Meanwhile, some gambling industry officials say that legal sports betting brings many consumers out of the illegal markets — providing more transparency and resources for problem gambling programs