Iowa casinos heading for record revenues. Sports betting handle tops $1 billion

Iowa casinos heading for record revenues. Sports betting handle tops $1 billion

Article brief provided by Gazette Des Moines Bureau
  • Rod Boshart, Gazette Des Moines Bureau
June 11, 2021 6:27 PM
  • Rod Boshart, Gazette Des Moines Bureau

Iowa casinos are on track to have their most-profitable year ever, with officials crediting “pent-up” post-pandemic demand among Iowans eager to spend money at entertainment venues as a key factor in the fiscal 2021 revenue surge.

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Also, while sports betting slowed somewhat in May, the month’s wagering handle still came in at nearly $114.9 million.

It was enough to push year-to-date gambling action in Iowa above $1.1 billion, with another month until the books close June 30, according to numbers issued Thursday by the state Racing and Gaming Commission.

Overall, Iowa’s 19 state-licensed casinos posted adjusted gross revenue of nearly $1.434 billion through May — an 11-month figure that topped last year’s figures by about 36%. Casinos were shuttered for 11 weeks early in the pandemic during fiscal year 2020.