Sports wagers appear to be a win for Iowa

KELOLAND.com Original
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SIOUX FALLS, S.D. (KELO) — Iowa bet on interest in sports gambling and netted $1,104,976.06 in taxes in about 4 1/2 months of legalized sports betting.

The Iowa Racing and Gaming Commission released the 2020 sports wagering report, which lists how each participating casino fared with sports wagers. Legalized sports betting started on Aug. 15. Not all casinos started accepting sports bets on the same day. Not all casinos in Iowa accept sports bets.

Grand Falls Casino Resort Hotel, near Larchwood Iowa, provided the state $40,677.43 in taxes on sports gambling. The casino handled about $4.5 million in sports bets. It paid out about $3.9 million.

Grand Falls made $603,000.71 in sports wagering net receipts.

The other gaming figures were also released by the state of Iowa earlier last month.

Grand Falls had $26,282,273 in adjusted gross revenue for fiscal year to date. It collected $4,846,443 in state tax. The state report also said a city and county tax each of $131,411 was collected from the casino proceeds.

The casino is in Lyon County, Iowa.

A total of $152,966,829.56 in sports wagers were handled by 18 of 19 casinos in Iowa. Those casinos paid out $136,587,397.63 for wagers. They netted $16,379,431.96.

The biggest winner was Ameristar II casino in Council Bluffs, Iowa. The casino handled about $13.3 million in bets, paid out about $11.4 million and gained $1,904,167.97 in net receipts.

The Council Bluffs area appears to like its sports betting. Harrah’s Council Bluffs Casino and Hotel handled about $3.7 million in sports wagers, paid out about $3.1 million and had a net gain of about $599,000. Horseshoe Casino in Council Bluffs had a net gain of about $1.3 million after it handled about $9.5 million in bets and paid out about $8.2 million.

Hard Rock Casino in Sioux City handled about $3.1 million in bets, paid out about $2.7 million and had a net of $427,601.77.

The lowest tally was at Wild Rose Casino in Clinton. The casino handled $315,239.26, paid out $268,837.26 and had net receipts of $46,402.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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