Iowa Casino Revenue Dips Slightly, But Sports Betting Continues Its Rise

Iowa experienced a mixed bag of results in fiscal year 2024, with traditional casino revenue showing a modest decline while sports wagering reached new levels.

As Iowa’s 19 state-regulated casinos navigated through economic headwinds and increased regional competition, they witnessed a slight downturn in both attendance and revenue. However, the sports betting sector continued its meteoric rise.

The State of Iowa’s Casino Industry

The fiscal year 2024 brought a continuation of a subtle downward trajectory for Iowa’s casino industry. Gross adjusted receipts for the state’s 19 regulated casinos, excluding sports betting, totalled $1.72 billion. This figure represents a 1.8% decrease from the previous year’s $1.76 billion and a more noticeable 2.8% drop from the all-time high of $1.77 billion recorded in fiscal 2022.

The record-breaking performance of fiscal 2022 is widely attributed to a post-pandemic surge in entertainment spending, as Iowans eagerly sought out leisure activities after prolonged periods of restrictions. The subsequent years have seen a natural levelling off, with revenues still comfortably exceeding pre-pandemic levels.

To put this in perspective, the $1.72 billion generated in fiscal 2024 remains significantly higher than the previous peaks of around $1.46 billion observed in 2018 and 2019.

Mirroring the revenue trends, casino attendance in Iowa has experienced a gradual decline over the past two years. After rebounding to 17.5 million visitors in fiscal 2022, admissions dipped to 17.1 million in 2023 and further decreased to 16.9 million in 2024.

The Rise of Sports Betting in Iowa

While traditional casino revenue may have experienced a slight dip, Iowa’s sports betting sector has been on an upward trajectory. The state’s sports wagering handle – the total amount of money bet on sports – reached $2.6 billion in fiscal 2024. This figure represents a new all-time high but also a rebound from the previous year’s $2.2 billion.

To put this growth into perspective: