In May, there was a decrease of over 6% in casino profits in Iowa compared to the previous month. However, Iowa sports betting experienced a significant increase of more than 17% from April.
Casino Revenue Drop
Hawkeye State casinos revealed a 6.07% month-over-month decline in May, illustrated by April’s adjusted gross revenue (AGR) of $153 million to May’s $143.6 million. We should note that May is the beginning of the summer season and many residents are on vacation and headed to destinations unknown.
According to reports from the Iowa Racing and Gaming Commission, the top three of the 19 casinos in the state tallied more than a third of the adjusted gross gaming revenue in May.
- Prairie Meadows Racetrack & Casino – $20.7 million
- Horseshoe Casino Council Bluffs – $15.5 million
- Ameristar II – $14.8 million
Nevertheless, the industry saw declines in the following three categories:
- Slot Machine Revenue: $130,325,833 (May) / $137,524,034 (April)
- Table Game Revenue: $13,360,608 (May) / $15,362,075 (April)
- State Tax Revenue: $28,631,669 (May) / $30,496,502 (April)
Sports Betting Surges
The NBA and NHL playoffs coupled with Major League Baseball certainly contributed to the uptick in sports betting in May over April’s numbers. Sports betting revenue in May topped $17 million versus $14.1 million generated in April.
Iowa was in lockstep with the rest of the country in that mobile gaming dwarfs in-person or retail betting with the overwhelming majority of sports bets being facilitated online as evidenced by $135 million of the $147 million in total sports wagers accepted coming via a digital source.
The Top 3 Iowa Sportsbooks by Revenue in May
- Diamond Jo – Dubuque (FanDuel): $4.5 million
- Wild Rose – Jefferson (DraftKings): $2.3 million
- Diamond Jo – Worth (FanDuel): $2.1 million
Sports Betting Handle May 2023
- Retail sports betting handle: $12,533,671
- Online sports betting handle: $135,181,454
Retail Sports Betting Revenue
- Retail sports betting revenue: $1,620,726
- Online sports betting revenue: $14,979,143
- State tax revenue: $1,060,058
Iowa Governor Pays Up
It was only recently that Iowa Governor Kim Reynolds made a friendly bet with Louisiana Governor John Bel Edwards on the Women’s National Basketball Championship game on April 2nd between Iowa and LSU.
Much to the chagrin of Iowans everywhere, except those who might have faded their hometown team, LSU stunned the three-point favorites from Iowa City and drew away to a 102-85 victory. As a result, Governor Reynolds was on the hook. Nevertheless, the Iowa governor made good on her wager and shipped a dozen pork chops to Edwards along with 1,250 pounds of pork to Louisiana’s food banks.
Shortly after LSU won the game, Governor Edwards tweeted: “Can’t wait for Louisiana red beans and rice with fried Iowa pork chops! Geaux Lady Tigers!”
And once the debt was paid, the Louisiana governor tweeted: “When @lsuwbkb beat @iowawbb they didn’t just bring us home LSU’s first basketball national championship, they won a bet I placed with @IAGovernor. Now thanks to Gov. Reynolds’ amazing generosity, hungry families in our state will receive Iowa pork. #lagov”
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