The state of Iowa already has a number of the biggest names in the sports betting industry offering sports betting, but a new company is set to launch in 2021. Earlier this week, Bally’s Corporation announced that it would be targeting the state of Iowa as the site of its next launch.
Bally’s was able to reach an agreement with Elite Casino Resorts, and that will allow the operator to enter the industry. With no retail casino presence in the state, Bally’s was forced to find a suitable partner before pursuing a sports betting license.
There are still a number of steps that have to take place before Bally’s is able to launch in the state as the operator has not yet received regulatory approval. It is expected that this could happen by the end of 2020, and Bally’s is targeting a launch in early 2021.
Bally’s Corporation currently offers sports betting in 11 states throughout the country, and it is one of the leaders in the industry. Iowa is a growing market that should prove to be a success for Bally’s.
Bet.Works Powering Online Sportsbook
Bally’s is now using Bet.Works Technology and that company powers all of the online sports betting for the company. Bally’s actually acquired the Bet.Works Technology company for $125 million and that deal came with the ownership of all of the products.
Bet.Works Technology has a number of different software programs available for use by Bally’s, and the state of Iowa is set to see the best that is offered. There are a number of other terrific operators in the state of Iowa, but the use of the Bet.Works technology is a game-changer in the state.
October Sets New Record
The month of October proved to be a massive month for the Iowa sports betting industry as there were a number of new records set in the industry. Total handle, mobile handle, and total revenue all set new marks last month, which should set up for a monster month of November as well.
Total sports betting handle totaled more than $81 million during the month of October, which was an increase of more than 13 percent from September. Mobile handle totaled almost $57 million last month, but that is still only 69.5 percent of the entire monthly total.
Total sports betting revenue was more than $9 million, which was an increase of 76.1 percent from September.
Competition in Midwest
While Iowa has seen tremendous growth in the sports betting industry since its launch, it has not been able to grow as quickly as some other states in the Midwest. Both Indiana and Illinois are becoming two of the leaders in the entire industry in the US, and Iowa has work to do if they want to keep pace.
Both Indiana and Illinois currently have remote registration available for online sports betting, and that has given each state a considerable boost. Iowa requires customers to visit a retail sportsbook before the process is complete, but the in-person registration requirement will be waived on January 1.