The state of Iowa is not known for being one of the biggest gaming markets in the country, but the casinos in the state are enjoying some success. Iowa is home to 19 casinos, and all of the casino gaming action must be done at one of those locations.
Lawmakers in the state have not yet been able to legalize online casino gaming, although that is likely coming at some point. There might not be a major need for that new industry though if the brick-and-mortar locations continue to put up big numbers.
The most recent report from the Iowa Racing and Gaming Commission shows just how well these properties are doing, and what can be expected moving forward. Casino gaming numbers showed monthly and yearly growth in February, while sports betting numbers were a bit of a mixed bag.
The sports betting industry has been taken online, and that is where most of those bets are made each month.
February More Profitable Than January
Iowa casinos posted an adjusted gross revenue of $143.3 million in February, which was actually only slightly better than the February 2023 total. This number did represent a 23% jump in AGR from January, and that could be a foreshadowing of what is to come later on in the year.
The state collected over $28 million in tax revenue last month, and that is a massive total for the smallest month of the year. That number is slightly down from what was brought in 12 months ago, but it’s a big increase over the January tax revenue total.
Casinos continue to introduce new table games in an effort to increase excitement, but players just continue to focus on the slot machines. Revenue from slot machines represented more than 90% of the total last month, and that’s a trend that doesn’t seem to be changing.
Prairie Meadows Racetrack & Casino just continues to set the tone for this state as that location posted an AGR of more than $19 million for the month. There were five casinos with a total AGR of more than $10 million, and only two casinos in the state didn’t see a monthly or yearly increase.
Sports Betting Numbers as Expected
Even though the Super Bowl takes place during the month of February, this always tends to be an extremely slow month for sports betting. That was seen throughout the sports betting industry in Iowa as the total handle for the month was just $220.6 million.
That was actually a huge increase from what was wagered in February 2023, but it was also a significant drop from the January total. Sports betting is expected to pick back up during the month of March as the NCAA Tournament is a massive event.
FanDuel Sportsbook continues to be the clear leader when it comes to Iowa sports betting, and that operator is partnered with the Diamond Jo Casino in Dubuque. DraftKings has had some months where it has challenged for the top spot, but there was a significant gap last month.
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