Authorities believe the spike is due to the post-pandemic demand for loans.
According to the data revealed on Thursday by the state Racing and Gaming Commission, May’s tally of 114.9 million was enough to bring Iowa’s year-to-date gaming action past $1.1 billion.
The adjusted gross income of $1.434 billion generated by all 19 state-licensed casinos in 11 months represented a 36 percent rise over last year’s tally when the casinos were shuttered for 11 weeks early in the year due to the epidemic.
said Brian Ohorilko, administrator of the state Racing and Gaming Commission.
Previous Years’ Performance
Iowa’s gaming sector set a record of approximately $1.47 billion in adjusted gross income in the fiscal year 2012, followed by 2018 when the 19 state-licensed casinos generated about $1.464 billion and about $1.457 billion before the pandemic struck the fiscal year 2020.
The current year’s total is 7% higher than the total for the 2019 fiscal year, with numerous experts anticipating the figures might rise even higher in the days left until June 30.
“That’s a positive trend as we are moving back to normal,” said Wes Ehrecke of the Iowa Gaming Association, an umbrella organization for state-licensed casinos.
Present Day Scenario
Although admissions began to improve in May, the year-to-date total remains low, with 14,914,973 guests passing through casino turnstiles.
The state’s tax revenue remained robust in May due to increased gaming activity, with $32.5 million collected in the month, bringing the fiscal year-to-date total to roughly $286 million.
Pundits predicted a dip in sports betting figures after the high sports betting months of January, February, and March. Nonetheless, Iowa’s sportsbook performed admirably in May, with wagering exceeding $100 million.
Although betting dropped to $3.7 million per day in May compared to 3.9 million in April, resulting in 2.9 percent fewer bets from a total of $118 million in bets produced in April.
“There is no escaping a summer slowdown,” said Jessica Welman, an analyst with PlayIA.com, “but Iowa’s sportsbooks are in a notably better situation than this time last year when there was still so much uncertainty.”
Net operator revenue was $6.1 million in May, down from $7.7 million in April, for a total of $81.54 million for the fiscal year.
The state’s tax income for May was $414,175, increasing the year-to-date total to more than $5.5 million.
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