Iowa's Gambling Market Revenue Continues to Improve
LISTEN TO THIS ARTICLE:Iowa's gambling industry, a major driver of economic activity in the state, continued its growth trajectory in December 2023. It generated $156 million in adjusted gross revenue, a 9.52% increase from the previous year and a 14.43% improvement from the previous month.
Slot Machines Power Revenue Surge
Overall, Iowa's gambling industry is exceptional, with both casinos and sportsbooks reporting record-breaking revenue in December. This resurgence is likely attributed to a multitude of factors, including a robust economy, a growing population and an increasing interest in gambling among the state's residents.
Related: Iowa Sports Betting Reaches New Heights in NovemberSlot machines, the backbone of Iowa's gambling scene, once again took center stage, contributing $140.5 million to the overall revenue pie. This figure represented a 9.87% year-over-year growth and a 14.89% jump from November 2023.
Table games, while not as prominent, also contributed significantly to the December results, generating $15.5 million. This represents a 6.42% increase from last year and a notable 10.45% surge from the prior month.
Prairie Meadows Racetrack and Casino emerged as the undisputed king of Iowa's gambling market, amassing $22.2 million in adjusted gross revenue in December. This feat secured the property's position as the state's top-grossing casino.
Closely following in its footsteps was Ameristar II, raking in $17.4 million, while Horseshoe Casino Council Bluffs claimed third place with $16.5 million. Riverside Casino and Golf Resort and Rhythm City Casino rounded out the top five, showcasing the state's diverse and thriving gambling landscape.
Sports Betting Remains Strong
Iowa's sports betting industry, riding the wave of surging popularity, also experienced a momentous December, with bettors placing a record-breaking $282.7 million in wagers. This figure represented a 23% increase from the previous year and a slight dip of 2.41% from November 2023. The growth in betting volume was fueled by the concurrent NBA, NFL and NHL seasons.
Online sports betting continued to be the most popular option in Iowa, accounting for 90.7% of the total betting handle in December. Bettors placed $258.2 million in online wagers, demonstrating the growing convenience and accessibility of this digital gambling platform. Retail sportsbooks, while not as prevalent, still contributed significantly, generating $24.4 million in bets through physical locations.
As a result, Iowa's sportsbooks witnessed a record-breaking revenue of $26.2 million in December. This remarkable figure represented a 29% increase from the previous year and an 86.3% improvement from November 2023. The market's performance set a new monthly revenue record for Iowa sportsbooks since its inception in 2019.
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