The Iowa Racing and Gaming Commission (IRGC) has revealed the latest data for state revenue generated from legalized gambling. While revenue from casino gaming is falling, sports wagering revenue is on the rise in the Fiscal Year 2024 (July 1st, 2023 – June 30th, 2024).
For the first four months of Fiscal Year 2024 (July 1-October 31, 2023), Iowa received $105.2 million in casino gaming taxes, a decline of $5.9 million over the same period in Fiscal Year 2023.
In October 2023, Iowa collected $26.7 million in casino gaming taxes, a reduction of $2.3 million from what it collected in the comparable month in 2022 when the state saw casino gaming tax revenue of $29 million.
According to the Storm Lake Times Pilot, the drops aren’t unexpected. At its October meeting, the Revenue Estimating Conference projected that gaming tax revenue for Iowa in Fiscal Year 2024 will come in at $318.5 million. This would be a $24 million decline from the previous year.
The adjusted gaming revenue (AGR) that the state’s casinos generated from slots, table games, and poker in October was $136.31 million. The figure is a reduction of 5.50% compared to September’s $144 million and a 6.48% yearly drop.
Both major casino categories recorded a decline in revenue in October. While the revenue from slot machines was recorded at $123.55 million, a monthly decline of 4.52% from $129.40 million, table game revenue for the month was $12.76 million, a monthly decrease of 14.04% from September’s $14.84 million.
Sports betting revenue up
Sports betting numbers were on the rise in Iowa throughout October. For sports wagering taxes, the state received $1.6 million the last month. This is $340,000 higher than what the state collected in October 2022, or a 26.40% increase.
Sports wagering tax for the first four months of Fiscal Year 2024 in Iowa was recorded at $4.9 million. This is $150,000 higher than what the state collected at the start of Fiscal Year 2023.
The state’s sports betting handle in October was $255.29 million, with the maximum sports betting action being generated from mobile bets. While $231.79 million was gambled through online sportsbooks, only $23.50 million of the betting handle came in through retail sportsbooks.
The total handle figure represents a 6.91% yearly increase from October 2022 and a 3.88% monthly rise compared to September’s $245.76 million.