As has been the case in other states, Iowa casinos had an impressive March. Sportsbooks in the state contributed to a winning month, benefitting from high interest in betting markets on March Madness contests.
For the month, Iowa sportsbooks won $17.5 million from bettors throughout the month, allowing the state to cash in on tax revenue. Casinos contributed almost twice that amount to the state in March, however.
Iowa casinos post strong March numbers
According to figures from the IRGC, the 19 casinos in Iowa combined for $159.9 million in adjusted gross revenue. As a result, the state collected $32 million in taxes from play on poker, slots, and table games.
The biggest Iowa casino revenue generator continues to be slot machines.
- $143,490,219 — slot machine revenue
- $16,420,090 — table game revenue
- $31,937,713 — state tax revenue
March proves a slam dunk for Iowa sports betting apps
Of the total dollars wagered in Iowa during March, $208.9 million came bets placed on mobile sportsbooks. Additionally, physical sportsbooks contributed $23.6 million, according to data from the Iowa Racing and Gaming Commission (IRGC).
As a result, mobile sports betting in Iowa made up 89.8% of the money bet on sports sports legally in the state for the month. After payouts, those sportsbooks collected $17.5 million in revenue, up from the $12.5 million in February.
The state collected roughly $1.3 million in tax revenue from sports betting, up from the $789,626 in February and $1.1 million in January.
Brick-and-mortar sportsbooks recover in March
In February, in-person Iowa sports betting posted a $600,000 loss. However, that’s not the case this month. Physical sportsbooks generated $2.3 million in revenue from $23.6 million in bets.
The top earner for the state was the Horseshoe Casino Council Bluffs, which recorded $511,064 in revenue. Next in line was Ameristar II with $431,551 in revenue, followed by Diamond Jo-Worth with $360,918.
Unfortunately, one property failed to generate any profit.
Lakeside Casino took $288,806 in wagers but paid out $292,097. As a result, the retail sportsbook posted a loss of $3,291.
Iowa’s sports betting tax sits at 6.75% per sports betting regulations. However, unlike other states wishing to capitalize on sports betting tax revenue, Iowa has no place to increase its rates.
All tax revenue collected goes into the state general fund.