A British legal sports betting operator is launching online operations in Iowa.
bet365 has debuted its online sportsbook in Iowa — bringing the company’s total number of online betting sites in the U.S. to five. bet365, which offers both online casino and sports betting, is also live in Colorado, New Jersey, Ohio, and Virginia. In 2022, the company submitted an application for an online sports betting license in Massachusetts but withdrew its bid in January.
bet365 secured market access in Iowa through an agreement with the Casino Queen Marquette — one of Iowa’s three riverboat casinos. The casino also owns a standalone sports betting app, Q Sportsbook. bet365 paid a $45,000 fee for its license in Iowa and will have to dish out another $10,000 to renew its license each year. The sportsbook will also have its annual revenue taxed at a minimum 6.75% rate. New York has the highest tax rate on gaming revenue in the U.S. at 51%.
Worth the price?
bet365, which has more than 63 million customers worldwide, is entering an Iowa sports betting market that has produced underwhelming results amid a decrease in sporting events.
According to the Iowa Racing and Gaming Commission, the Hawkeye State reported a total sports betting of $172.5 million in April — down 25.8% compared to the month prior. Its 18 operators paid out $158.4 million back to bettors, which left them $14.1 million in net receipts.
