Sports betting continues to grow in the United States as individual states legalize services and operators begin to launch online as well as within land-based venues. The latest to get started comes from the state of Iowa and features the Hard Rock International brand along with the Gaming Innovation Group (GiG).
On Friday, the Hard Rock Hotel & Casino Sioux City launched their land-based services, offering a new sports book run by the Gaming Innovation Group. The company is a sports betting technology provider based in Europe and the two decided to begin working together last year in New Jersey. The first project of the partnership was to launch a physical and digital sportsbook at the Hard Rock property located in Atlantic City.
Eventually, the two would extend their partnership into other states as sports betting was legalized. Iowa decided to approve the option in early 2019 and by August, the state’s Racing and Gaming Commission authorized the local casinos that online as well as mobile and retail services can be provided. Players have to be located within the state of course to take part and have to be 21 years of age or older.
The Hard Rock began offering services around a month after the first sports bet was taken in the state. During just 17 days of operation, the new industry saw just over $8.5m in bets placed, generating over $2.1 million in revenues.
Hard Rock Sioux City
The sportsbook at the casino went live at 3pm on Friday. Over 400 square feet of space is currently being used with four betting windows where players can place their wagers. Along with land-based services, the casino plans on launching mobile and online wagering by the fourth quarter.
According to GiG, the launch in Iowa allows the brand to leverage their platform across the United States and add more scale to their network. The operator feels that the impact will be limited on revenues in 2019 as they enter the market of Iowa and the contribution from the state will increase when online and mobile gaming goes live.
GiG is glad to have enhanced their relationship with Hard Rock International and the extended agreement is a testament to their know-how and prowess to lead a land-based casino into the world of digital betting. It also validates the commercial and product delivery capabilities of the brand.
The Sioux City casino is also glad to be working with GiG. They feel the new sportsbook will provide a new level of engagement to players and guests and they are thrilled to have launched.
The sports betting market of the state is expected to be successful. Of course, operators will have to take time to establish themselves, but so far, the numbers have been promising. Just over three million people live in the state and along with locals, it is expected that residents of nearby Minnesota and Nebraska will cross into Iowa to place sports betting.
According to estimated projections, sportsbooks are expected to provided close to $160 million as the market matures. We shall watch over the coming months as the new revenue reports roll in just how much the industry is generating.
Sports betting continues to expand across the US with more and more states getting in on the action. The industry provides players with an outlet for wagering while also providing much-needed revenues to coffers.