Iowa reported more than $100 million in sports bets in December, setting a new monthly record for the state.
That brought the state's total to $575.2 million in 2020, generating $41.6 million in net receipts and $2.9 million in state taxes, according to PlayIA.com. Iowa is the eighth state to top $100 million in total wagers in a single month.
PlayIA.com projects Iowa to generate more than $4 billion in annual bets within five years.
"Assuming Iowa follows a similar pattern, which it should, online betting will not only represent an even larger share of the sports-betting pie, but it should also grow the overall size of that pie," said Dustin Gouker, analyst for PlayIA.com, via SBC Americas. "Removing in-person registration is a huge step toward market maturity."
Iowa is now the country's seventh-largest sports wagering market, and PlayIA.com said it expects the state's market to "take off" now that in-person registration requirements have expired.
Online betting accounted for 70.4 percent of the state's handle in 2020, generating $405.2 million in bets, per SBC Americas.