The Iowa Racing and Gaming Commission (IRGC) released its monthly revenue report for casinos in Iowa. The commission issues two separate reports:
- Gaming revenue report for table games and slot machines
- Sports betting revenue report
For February 2023, Iowa casinos generated over $143 million in adjusted gross revenue. That’s a significant increase from January’s $136 million and February 2022’s 139.6 million.
Iowa sports betting handle declined 10.2% year-on-year in February, but the state generated an increase in revenue.
Casinos in Iowa remain steady in February
According to the IRGC’s February report, 19 casinos in Iowa generated $143,241,145 in adjusted gross revenue. As usual, slot machines were the biggest revenue generators for all the casinos in the state. To be more specific:
- $128,817,638 came from slots
- $14,423,507 came through table games
There were 1,340,430 admissions on 456 combined table games (just like in January). The state also reported 14,663 combined slot machines (36 fewer than in January).
The state tax was $28.5 million in February, slightly more than the $27 million generated in January. More precisely, 19 Iowa casinos collected $28,559,861 towards the state tax. Furthermore, $1,113,879 went to the state’s endowment fund and another $278,470 to the state’s miscellaneous fund.
Out of 19 Iowa casinos, the most successful venues in terms of February’s gaming revenue were:
- Prairie Meadows Racetrack & Casino: $19,765,755
- Horseshoe Casino Council Bluffs: $16,575,955
- Ameristar II: $14,841,370
- Riverside Casino and Golf Resort: $10,530,972
- Rhythm City Casino: $9,284,627
Iowa sports betting handle over 10% down YOY
While Iowa casinos showed a slight year-on-year increase in February, Iowa sports betting handle was 10.2% down. The monthly handle reached $193.9 million, less than $215.9 million in February 2022. The figure is also a 17% decline from January’s $233.9 million.
Out of the total sports betting handle amount ($193,879,638.12), most of the money came from online bets. More precisely:
- $176.2 million came through online bets
- $17.7 million from retail sportsbooks
In terms of revenue, Iowa sportsbooks reached $11.9 million. That’s a 39.4% increase from last year’s $8.6 million but is still 27.9% lower than January’s $16.5 million.
Iowa online sports betting generated $12,468,885 in revenue. The state also had a $597,728 loss from retail betting, which means total revenue was lower month-on-month.