April gambling revenue in Iowa falls by more than 33%
Analysts said the results were not unexpected following March Madness.
The state of Iowa has joined the list of US states to report decreases in gaming revenue during the month of April. According to data released by the Iowa Racing and Gaming Commission, gambling revenue across the board dropped by 33% when compared to March’s results.
Sports betting revenue during the month reached $14.1m, representing a 28.8% decrease from the month of March.
The state’s sports betting handle followed a similar trend and fell by 25.8% when compared to March’s handle. Iowa’s sports betting handle during April reached $172.6m.
Analysts said the decline in activity did not come as a surprise, largely because March Madness brought with it a surge in activity within the Hawkeye State.
Brick-and-mortar casinos also reported lower numbers during April. However, the state’s casinos did not report as severe of a decline in revenue.
The state’s 19 casinos posted a total adjusted gross revenue (AGR) of $153m for April, a decrease of 4.4% when compared to March’s AGR.
Leading the pack during the month was Prairie Meadows Racetrack & Casino, which pitched in an AGR of $21m. The casino grabbed the top spot from March’s top earner, Horseshoe Casino Council Bluffs.
Second and third place went to Horseshoe Casino Council Bluffs and Ameristar II, which generated earnings of nearly $17.8m and $15.5m respectively.
Slot machine revenue across the state reached $137.5m during April, while table game revenue totaled $15.3m. The state received more than $30,000 in state taxes, and $743,426 in city and county taxes from Iowa’s casinos. Another $1.2m went to Iowa’s endowment fund.
In addition to casino tax revenue, Iowa collected close to $959,000 in sports betting tax revenue.
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