Iowa sports betting revenue expected to drop
The Iowa sports betting market is welcoming preseason football and building some momentum in terms of summer sports betting revenue.
State funding remained at more than $100 million in July. That's down slightly from earlier in the year, but with roughly 10% containment in July, carrier revenue actually grew, as did the Hawkeye State's coffers.
Expect the hold-to-spend ratio to rise with the start of the preseason now, the start of NCAA regular season games at the end of the month, and the start of the NFL regular season on September March 7th. The latest digital sportsbook reported net revenue of $10.6 million in July, according to the Iowa Racing and Gaming Commission.
That's up more than 40% from $7.1 million in June. The state received $713,722 in July revenue, a 25% increase.
On the other hand, player spending in July was lower than the previous month. Settlement totaled $109.7 million for the month, down 5.4% from $115.6 million in June.
Online spending in July totaled $101.3 million, while retail sales totaled $8.4 million. While July marks the fourth consecutive month of declines in spending, the summer is likely to slow down, while the fall is typically busier. Fall also tends to increase casino bankrolls.
Iowa casinos target $2 billion, but not yet there
Performance at Iowa’s 19 land-based casinos was roughly in line with previous July performance, according to the latest release from the Iowa Racing and Gaming Commission (IRGC).
The Iowa Racing and Gaming Commission (IRGC) reported adjusted total revenue of approximately $150 million for the month. That's down a little over 4% compared to 2022, but sales so far this year have been pretty solid.
The IRGC report measured slot machines and table games at 19 casinos. Additional funding will be needed later this year if the state wants to hit the $2 billion mark. However, there is still some momentum to build on; 2022 was a record year: Iowa casinos generated $1.76 billion in revenue from traditional casino games and slot machines and $139 million in sports betting revenue.
While the state’s casino attendance also hit a record high in 2022, it is down about 2% so far in 2023.
The biggest difference in July was the amount casinos paid to state and local governments. That's down nearly $2 million from last year.
Poker Face of Iowa
Continuing coverage of Iowa football players betting on their own games. Iowa State confirms defensive lineman Isaiah Lee has exited the program.
Lee was accused of betting on his own team's games, including one against the Cyclones. Lee started all 12 games last season and was one of the athletes charged last week in an investigation into illegal sports betting in Iowa and Iowa.
A new poll shows Iowa has the best poker face.
According to BetMGM, Iowans are some of the best at keeping a straight face in America. 3,100 people from 44 states participated in the survey. Folks in the Hawkeye State received a perfect score of 100, which BetMGM said shows Iowa lies or distorts the truth more often than any other state. What's more, Iowa was the most successful in getting away with it.
The survey took into account four factors: frequency, ability, comfort level with lying and, of course, the success rate of getting away with telling a lie.
Massachusetts residents ranked second with a score of 70 out of 100. According to the survey, Ohio had the highest lying rate at 9.4 out of 100.
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Source: www.casino.org
