- The state hit its higher year in terms of adjusted gross revenues.
- Sports betting saw over $2.4bn wagers placed with close to $140m in earnings.
- Prairie Meadows Racetrack & Casino hit the top spot with $49m in yearly earnings.
The Iowa State Racing and Gaming Commission recently posted the data for the state’s 19 commercial casinos regarding the most recent fiscal year ending on June 30.
The casinos generated close to $1.7 billion in earnings from both slots and table games. When it comes to sports betting, the state did well in that sector too. Over $2.4 billion in wagers were placed providing close to $140 million in earnings during the time period.
Mega Year for Iowa
Brian Ohorilko, the State Racing and Gaming Commission administrator, pointed out that the recently ended fiscal year was the highest ever recorded in the state when it comes to adjusted gross revenues. Gamblers bet more than ever with wagers reaching the $4 billion mark.
During the first part of the year, casinos in the state reported an increase in player attendance. This was a time when the COVID-19 regulations were eased and players were out and about more regularly. The increase was around 6.5% from the previous year at over 17 million admissions.
The top operator for the year was Prairie Meadows Racetrack & Casino. The property was able to secure $49 million in earnings. Horseshoe Casino Council Bluffs was not far behind at $45.7 million. It is expected that the totals will be lower in this fiscal year due to inflation and a slowing economy. Out-of-state competition will also be an issue.
Nearby Nebraska will offer casino gaming soon and this will see some players traveling from Iowa to visit the new venues. It will be interesting to see if the nearby casinos affect Iowa player traffic once the venues are live.
Sports Betting Boom
For the sports betting sector, the state saw over $2.4 billion in wagers placed. This was almost double the amount from the previous fiscal year. Over 90% of the bets placed came from online apps after the laws changed in the state.
In January, players were allowed to use electronic devices to bet without having to register at a physical location. This opened the flood gates for players who were not located near a venue to be able to register from home. The numbers skyrocketed at that point and only continue soar.
In June, the state reported over $122 million in sports bets placed. This was a 10% increase from the previous year. It is expected that the sports betting industry will continue to grow especially as September rolls around and players have football to wager on.
About the Author
