Presidential Candidates Ready Set Their Sights Beyond Iowa Caucuses

Iowa’s sports betting industry is reaching new heights as it raked in a record-breaking $26 million in revenue in December 2023. The Iowa Gaming and Racing Commission (IGRC) reported that the total amount wagered in 2023 was 3% higher than in 2022, reaching a handle of $2.4 billion by the end of the year.

The favorable mix of college football, NFL, NHL, and college basketball games contributed to the 23% year-over-year rise in Iowa’s handle. In December alone, the state collected $1.8 million in sports betting taxes and players won $256.5 million.

Online sports betting played a significant role in Iowa’s success, making up over 91% of the December handle, while retail sportsbooks accounted for $24.4 million in wagers. Operators reported a 20% increase in revenue year over year, and the 12-month hold average remained above 8%.

Leading the online sports betting market, DraftKings achieved a handle of $94.7 million in December, with FanDuel following closely at $67.6 million.

Meanwhile, Iowa’s 19 brick-and-mortar casinos saw an increase of 9.5% in gaming revenue, amounting to over $156 million in December. Slot machines generated over $140 million in income, while table games brought in more than $15 million. Prairie Meadows Racetrack and Casino was the top performer of 2023, earning over $22 million in revenue, followed by Ameristar II and Horseshoe Casino Council Bluffs.

As the state looks ahead to 2024, a comprehensive study on the horse racing industry is on the horizon, approved by the IGRC before Brian Ohorilko’s departure. The study aims to understand the impact of racing and explore ways to ensure the industry’s sustainability. Additionally, a new IRGC administrator is expected to be appointed soon, with Tina Eick currently serving as the interim administrator.

The IRGC is also in the process of relocating its Des Moines offices, according to its website. With the Super Bowl and March Madness on the horizon, the momentum of Iowa’s sports betting industry shows no signs of slowing down.

By admin

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