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In April, the gaming revenue generated by Iowa’s 19 land-based casinos fell 12%, from the $164.3 million collected in March to $143.8 million.
Prairie Meadows Racetrack & Casino had the highest gross gaming income at $19.9 million, according to the Iowa Racing & Gaming Commission (IRGC). Also, the casino had a win per capita of $122, and it remitted $4.2 million in state tax.
Following closely was the Horseshoe Casino Council Bluffs, with revenue of $15.5 million, a win per capita of $123 of which the casino remitted $3.3 million to the state tax.
All of the nineteen casinos contributed a total of $28.2 million to the state’s revenue, while the endowment fund brought in $1.1 million.
In other state news, the Iowa legislature adjourned on April 20 after failing to advance its online casino bill.
State Rep. Bobby Kaufmann is the sponsor of HSB227. While Kaufmann thinks the measure is progressively moving in the right direction and becoming “receptive,” Wes Ehrecke, president and chief executive officer of the Iowa Gaming Association, doesn’t believe lawmakers will pass Iowa online casinos in 2025, according to a Bonus.com story.
You can keep track of US online casino legislation with our Online Casino Bill Tracker 2024.
Iowa casinos report a decline in slot machine and table game revenues in April
The IRGC’s April 2024 revenue report shows revenues from slot machines and table games experienced a decline.
There are a total of 14,253 slot machines operated by the 19 casinos during the month, which resulted in a revenue of $129.1 million. This is a decrease of 8% in comparison to the previous year.
This is also a 17% dip from slots revenue of $147.5 million in Iowa’s March 2024 gaming report.
The income generated from table gaming also dipped, decreasing by 4% to $14.7 million from 439 tables. Within the scope of table games, the revenue produced by Blackjack was $4.3 million, while the revenue supplied by Craps stood at $2.1 million.
Strong growth in sports betting revenue despite slight decrease in win rate
A 7.9% hold was accomplished by sportsbooks throughout the state, resulting in an adjusted gross sports betting revenue of $16.5 million. Although the win rate was about a third of a percentage point lower, operators’ winnings grew by 17.1% compared to April 2023.
However, the win rate was still lower than the handle. During the first four months of 2023, the state reported tax collections of $1.1 million, which brought the year-to-date total to $4.8 million. This is a $641,500 increase over the previous four months.
19 active operators accepted bets totaling $196.6 million, and the aggregate hold on mobile wagers was 8%. After reaching an 8.5% win rate and earning $6.2 million in prizes from a $73.1 million handle, DraftKings recorded the highest revenue and handle.
Following closely was FanDuel with $5.8 million in revenue, up from $57.4 million in bets. And ESPN Bet, which almost replicated its March revenue figure, saw $7.5 million in handle. Other operators in the top five include Caesars, Bet365, and Circa Sports.
