Iowa records over $143 million gambling revenue for February, up 23% month-over-month

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The Iowa Racing and Gaming Commission (IRGC) has revealed a surge in gambling revenue for February. According to the report, Iowa's casinos collectively generated an adjusted gross revenue (AGR) of $143.3 million during the month, marking a 23% increase from January's figures. This figure also represents a slight uptick from the revenue recorded in February 2023, which stood at $143.2 million.

Of the total revenue generated, the majority came from slot machines, accounting for approximately $129 million, while table games contributed $13.7 million to the overall AGR. Prairie Meadows Racetrack & Casino emerged as the top revenue generator, raking in $19 million in earnings.

Several Iowa casinos experienced significant growth in gaming revenue during February. Prairie Meadows Racetrack & Casino experienced a 19.5% increase compared to January. Horseshoe Casino Council Bluffs (20.4%), Ameristar II (22.7%), Riverside Casino and Golf Resort (33.9%), and Rhythm City Casino (28.5%) all reported double-digit growth percentages.

The substantial increase in revenue also translates into higher tax contributions to the state, with Iowa's casinos expected to pay over $28.1 million in state taxes for the month. Although this reflects a 23.3% increase from the previous month, there has been a slight 1.5% decrease compared to the same period last year.

However, it's worth noting that while some casinos demonstrated year-over-year progress in revenue, others experienced declines compared to February of the previous year. Despite these fluctuations, Iowa's brick-and-mortar casino locations collectively enjoyed a prosperous month in terms of gaming revenue.

In addition to gaming revenue, the IRGC also tracks sports betting activity in the state. The February 2024 report revealed mixed results in this area, with sports betting revenue experiencing a 38.3% decrease from January 2024 to $13.6 million. However, on an annual basis, there was a 14.6% increase in sports betting revenue compared to February of the previous year.

FanDuel, in partnership with Diamond Jo Dubuque, emerged as the top-performing sportsbook in Iowa at $4.6 million in revenue, followed by DraftKings, which operates in collaboration with Wild Rose Jefferson, at $2.2 million in revenue.