The latest report from the Iowa Racing and Gaming Commission shows a decrease in casino revenue for the month of March compared to the same time last year. However, there is a positive trend in the sports betting sector, with an increase in sports betting handles.
According to the report, total revenue from Iowa’s 19 state-licensed casinos dropped by 6% in March compared to March 2020, totaling $105.8 million. This decrease in revenue can be attributed to the ongoing impact of the COVID-19 pandemic, which has resulted in capacity restrictions and other safety measures that have affected casino operations.
Despite the decrease in casino revenue, the sports betting sector in Iowa saw a significant increase in handle. The total sports betting handle for March was $161.4 million, a 17% increase from February. This rise in sports betting activity can be attributed to the popularity of March Madness, as well as ongoing growth in the sports betting market overall.
While the decrease in casino revenue is concerning for the state’s gaming industry, the increase in sports betting handles is a positive sign of recovery. As vaccines continue to roll out and restrictions ease, it is expected that casino revenue will begin to rebound.
Overall, the Iowa gaming industry continues to face challenges due to the pandemic, but the increase in sports betting activity shows resilience and a potential for growth in the future. As the state continues to navigate the complexities of the pandemic, stakeholders in the gaming industry are hopeful for a return to pre-pandemic levels of revenue and activity.
Source
Photo credit news.google.com