Iowa Lottery has marked a milestone fiscal year, concluding on June 30, 2023, with a record-breaking $481.5 million in lottery sales. In addition to awarding $305.3 million in winnings to players, the lottery contributed a historic $108.2 million in proceeds to state causes. The year witnessed an impressive 11.3% surge in sales compared to the previous fiscal year’s total of $432.7 million.
Sales Breakdown:
Overall Growth: Iowa Lottery’s sales growth stood at 11.3%, underlining a robust performance in fiscal year 2022-2023.
Top Retail Performers: The top seven stores for retail sales were exclusively Hy-Vees, with six of them located in Cedar Rapids.
Jackpot Highlight: The most significant prize won during the fiscal year was a substantial $40 million Lotto America jackpot. Additionally, seven other lucky players secured million-dollar prizes.
Proceeds and Positive Impact:
Record-Breaking Contributions: Iowa Lottery contributed a record $108.2 million in proceeds to support various state causes, reflecting a notable 10.5% increase.
Public-Minded Approach: Katie New, Chair of the Iowa Lottery Board, emphasized the positive impact on the state, acknowledging the dedication of the lottery team and retailers in achieving results for the greater good.
Sports Betting Landscape:
June Sports Betting Handle: In contrast, Iowa’s sports betting handle experienced a decline of 21.8% in June, reaching $115.5 million compared to the previous month.
Online vs. Retail Betting: Of the total handle, $105.7 million was wagered online, with the remaining $7.1 million through retail sportsbooks. Notably, 18 out of 19 Iowa casinos offer mobile sports betting.
Revenue and Tax Contributions: Despite the decline in the handle, sports betting revenue reached $7.1 million, with a 57% decrease from May 2023’s $16.6 million. Sports betting tax contributed $570,976.
The Iowa Lottery’s remarkable fiscal performance underscores its pivotal role in generating revenue for state causes. The record sales and contributions reflect the lottery’s commitment to making a positive impact on the community. As the sports betting landscape evolves, Iowa remains at the forefront, navigating market dynamics while maintaining its dedication to responsible gaming and contributing to the state’s well-being.