Iowa reports record-high $431m sports wagering handle
Meanwhile, its 19 state-licensed casinos gained $451m in revenue from retail games.
Iowa has reported a record amount of state revenue, totaling a gross revenue of $451m from its 19 state-licensed casinos. This result came despite a drop off in the number of bets placed in the same prior year period, with a year-over-year decrease of 7.4%.
The Hawkeye State had a separate sports handle of $431m for the three-month quarter ending September 30, which netted it $51m in receipts. These results were recorded by the Iowa Racing and Gaming Commission (IRGC).
Lottery sales played a pivotal role in this strong financial performance, especially Large Mega Millions and Powerball jackpots. State proceeds from lottery profits totaled over $24m, which was a $2m annual rise; these proceeds were extracted from the $110.7m made in sales during the quarter ending September 30.
Iowa Lottery VP of External Relations Mary Neubauer commented: “In late July, the Mega Millions jackpot reached more than $1bn, and in games like Powerball and Mega Millions, sales followed the jackpot up.
“So the Iowa Lottery has jumped out to a very strong start to the fiscal year, due in large part to the Mega Millions jackpot. And, now, the Powerball jackpot has topped $500m for its drawing on Saturday. So we’re getting another sales run from that.”
Iowa casinos and their sportsbook partners collected more than $200m in sports bets in September, which was the first full month of the NFL and college football season. This represented a $10 million decline from the same period in 2021.
IGCR administrator Brian Ohorilko discussed the discrepancy between the gambling handle and the amount Iowans were wagering. He commented: “We see revenue fluctuate from month to month in the sports industry because it depends on the outcomes and how the customers perform for a particular month. Revenue is not directly correlated to handle.”
Iowa’s fiscal year runs from July 1 2022 – June 30 2023.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
