Iowa Racing and Gaming Commission reports September sports betting revenue
People spent more than $38 million on sports betting in Iowa in September, according to the
. But only a small fraction of that benefits taxpayers.
The state is taxing the money casinos make from sports betting at 6.75 percent. Casinos across the state made a profit of nearly $5 million in
, and that amounted to about $345,000 in tax revenue. That money goes
for use on various projects, like infrastructure improvement, environmental initiatives, job creation and more.
Iowa is tied for the lowest sports betting tax rate in the country with the state of Nevada. Other states have tax rates as high as 34 percent.
At the Diamond Jo Casino's FanDuel Sportsbook, gamblers weren't thinking about the tax revenue they were generating.
"I don’t think about it," Art Fudge, a gambler at Diamond Jo, said. "Politics, I have nothing to do with.”
Fudge likes to place bets on football and basketball games, especially during March Madness. He said he usually takes a trip to Las Vegas during that tournament, but now he plans to stay in Iowa.
"I go to Vegas, it’s close to $900," Fudge said. "So I’ve saved that already that I can place here in Iowa."
Sportsbook General Manager Giorgio Mustica said it's been really busy.
"Customers are really liking this setting, liking this atmosphere," Mustica said. "I think it’s been great across the board.”
The Diamond Jo handled $978,825.50 in the month of September and paid out $780,691.25. It brought in $13,374.06 in state tax revenue.