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The latest figures from the Iowa Lottery show the industry having a record-setting year.
For fiscal year 2022-2023, annual lottery sales were a record $481.5 million, translating to $305.3 million in winnings to players. As a result, the Iowa Lottery generated a record $108.2 million in proceeds to state causes for the fiscal year that ended June 30.
2022-23 was a record-setting sales year for the Iowa Lottery
For FY23, unaudited figures show state lottery sales increased 11.3% from the previous year’s total of $432.7 million. Not only that but proceeds to the state increased by 10.5%.
Katie New, chair of the Iowa Lottery Board, said she was pleased with the financial results but noted other positives like increased awareness for National Problem Gambling Awareness Month.
In an Iowa Lottery press release, New said:
“As a citizen Board member, it’s important to me to see the positive impact that the Iowa Lottery, its staff and retailers have achieved for our state. As an Iowa resident, I recognize and appreciate the lottery team’s public-mindedness in producing results for the good causes supported by lottery proceeds.”
Year-over-year annual lottery sales by product:
- Scratch games: FY23 $293.6 million (FY22 $293.1 million)
- InstaPlay games: FY23 $31.8 million (FY22 $293.1 million)
- Pick 3 games: FY23 $9.1 million (FY22 $9.3 million)
- Powerball games: FY23 $65.6 million (FY22 $53.1 million)
- Mega Millions games: FY23 $43.8 million (FY22 $20.4 million)
- Pick 4 games: FY23 $5.8 million (FY22 $5.6 million)
- Lucky for Life games: FY23 $8.4 million (FY22 $8.1 million)
- Lotto America games: FY23 $10.4 million (FY22 $7.0 million)
- Pull-tab games: FY23 $13.0 million (FY22 $12.7 million)
Iowa gambling industry is riding a high all year
By comparison, Iowa casinos finished FY22-23 with over $1.9 billion in revenue. That’s an increase of about 1.7% or roughly $31.5 million from FY21-22.
A vast majority of revenue from the 19 casinos in Iowa came from poker, slots and table games. However, Iowa sports betting also had its moment in the sun.
Compared to FY21-22, sportsbooks were up around 23.7% in terms of sports betting handle. Sports betting gross revenue reached $182.8 million, compared to $139.5 million in FY21-22.
If the industry continues performing well, revenue for FY24-25 could, in theory, reach $2 billion.
