After Cedar Rapids’ casino dreams were thwarted by opponents earlier this year with a two-year moratorium on new gaming licenses, Linn County casino backers formed a political action committee ahead of November midterms and contributed about $50,000 to Iowa candidates.
Iowa collected a record amount last month on sports betting with the kickoff of the football season, despite fewer bets being placed compared to a year go.
Iowa gamblers placed a record amount of bets both online and in person on casino and sports games in the last fiscal year, with wagers topping $4 billion.
Although the proposed moratorium is dead, its sponsor believes lawmakers who supported it sent a signal on behalf of Iowa landowners who are opposed to the use of eminent domain to secure private land for pipeline projects.
Cedar Rapids leaders were preparing to applying to the state for a new casino in their third such effort since 2014.
More than $233 million was bet on sports in March, an 8 percent increase over the previous month, and a 45 percent increase over the same month in 2021.
Higher than projected gambling revenue will make it possible for the Legislature to bump up the Rebuild Iowa Infrastructure Fund (RIIF) by $87 million in the coming year to nearly $290 million in fiscal 2023.
Rep. Joel Fry described the newly passed bill as part of the House GOP package to increase child care access and affordability, building off bills approved last year.
Sports betting in Iowa hit another peak in January, with more than $300 million bet in a single month for the first time, and is likely to continue climbing with big-ticket sporting events in February and March.
Although the $13 million in tax revenue Iowa collects from sports betting is a relatively small pot of money in the state’s $9 billion-plus annual revenue stream, it has caught the attention of lawmakers.
New studies show expansions of gambling in neighboring states will eat into Iowa’s industry revenue. Cedar Rapids officials hope this will nudge state regulators to finally sign off on a casino in Iowa’s second-largest city.
Iowans placed more than $2 billion in wagers on sporting events in 2021, according to recently published state figures. That number envelopes the $575 million that was bet on sports in 2020.
Next year will end a chapter in the state's gambling history when an Iowa dog track hosts the last live greyhound race in Dubuque.
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