Iowa May Soon Legalise Sports Betting
On Monday, the Iowa House passed a bill that legalizes betting on professional sports and fantasy sports. The legislation which would allow wagers on fantasy websites and apps such as Draft Kings and others was finalised on a 67-31 vote. It follows a ruling last year by the U.S Supreme Court that prohibited wagers on sports. Lawmakers in the state have since taken steps to regulate an illegal gambling industry which brings at least $150 billion in wagers annually. Read on for more!
About the Iowa Betting Bill
The legislation will be the first of a kind in Iowa betting. Ameristar Casino general manager, Paul Czak said that they have “worked with all the related parties, came up with a bill that really will allow [them] to offer a legal licensed regulated alternative to illegal sports betting for [their] guests.”
The Senate last week gave its approval for the bill. What’s left is for Governor Kim Reynolds to give a go ahead. However, according to sources, the governor declined throughout the legislative session on Tuesday to suggest whether she supports the bill. The legislation would mean an expansion of gambling in the state which currently has 19 state-regulated casinos, dog and horse racing, and national lottery which had record sales in 2018. More so, the bill will also authorise the Racing and Gaming Commission in Low to establish rules for wagering on professional, college and international sports events which include motorsports.
“There will be a bricks-and-mortar aspect to it where we’ll have some sort of betting area,” weighed Horseshoe and Harrah’s Casino general manager, Samir Mowad.
If passed, the bill will also allow Iowa bettors to place wagers on online fantasy sports. “You’ll be able to place bets right on your phone through a sports betting app that the different casinos will provide,” added Mowad.
Taxes and Fees
If approved, the bill will set a 6.75% tax on net receipts and sports betting will be limited to bettors who are 21 or older. It is estimated that annually, taxes and licencing fees could bring revenue of 2.3 million to $4 million.
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