Iowa Legitimizes Sports Gambling Via LawMay 20, 2019 7:46 pm
Iowa’s Governor has provided the state’s residents with expanded gambling via a recently signed sports gambling bill.
Governor Kim Reynolds has signed Iowa’s Senate File 617, a sports gambling and daily fantasy sports bill into law. With the passage of this legislation, Iowa is now the 3rd US state in 2019 to legalize domestic betting following Montana and Indiana. IA will be offering sports betting by the beginning of 2021.
The bill which was signed by Governor Reynolds received bipartisan support last month. IA players age 21 and older can gamble on sports gambling options licensed by IA through this passed legislation. Nonetheless, Iowa players interested in betting but who are only 18 years old can gamble on sports through licensed offshore online sportsbooks.
The state will be asking for $45,000 for IA businesses to obtain a betting license and $10,000 every year after to renew their license. Sportsbooks will be taxed 6.75% of their betting revenue. Iowa-based and licensed betting will be regulated by the Iowa Racing and Gaming Commission.
At this time, it is said that nineteen Iowa casinos are eligible to offer domestic sports wagering. Casinos will be able to make two skins for their mobile betting app which if every casino offers two skins could provide 38 sports wagering brands to the IA gambling market.
FanDuel and DraftKings will be able to service Iowa players for fantasy sports wagering but not real money sports gambling.
The newly passed law also places prohibitions on betting on Iowa-based college teams and any in-game bets like prop bets. The legislation takes effect on July 1st, but lawmakers are still ironing out some minor details.
Sports gambling will be available in-person, online, and through mobile apps in IA. The hope is that online wagering will attract out of state bettors and more Iowan participants. All mobile or online wagering requires first-time user in-person registration.
The Iowa Governor’s spokesman Pat Garrett had this to say on the new law, “Gov. Reynolds believes that legalizing sports betting will bring this practice out of an unregulated black market. This law will regulate, tax, and police sports betting in a safe and responsible way.”Tags: DFS, Iowa, Legal, Mobile Sports Gambling, online gambling, Sports betting
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