Iowa Regulators Headed to Final Touch Ups for Sports Betting
Later this month, regulators in Iowa will vote on the rules allowing legal sports betting in the state. This in a bid to fulfil the sports betting law, which was passed by the legislature this year. If all goes according to plan, residents in Iowa will be able to start betting on their favorite sports by mid-August. Read on for more on the story below.
Sports Betting in Iowa
Earlier this year, Iowa announced its plans to legalise wagering on fantasy sports, college and professional sports. Well, it is safe to say that the plan is almost there. In recent meetings, the casinos in the state of Iowa received approval to renovate and make space for sports betting venues.
Betting giants, such as William Hill and Betfred, are among the potential companies with sports betting technology and are expected to provide the infrastructure for their sports betting facilities. The rules also discussed the security measures that needed to be followed, such as betting shops applying for licences with both the state and regulators to ensure safe gambling. Bettors will need to register in person or via mobile apps provided by the betting shops before they can place their wagers.
“It doesn’t matter if it’s a river boundary or a land boundary, they will be precise,” said commission administrator, Brian Ohorilko. “And if someone is attempting a wager outside of the state that attempt will be denied.”
Bettors in the state will have to be 21-years or older in order to place wagers.
The drafted regulations for sports betting in Iowa largely codify what’s laid out in the bill that the legislature saw earlier this year and these include:
- Regulation by the IRGC.
- A $45 000 licence fee for bookmakers and also $10 000 for renewal.
- 75% tax on revenue need to be paid to the state.
- In-person registration for mobile apps until Jan 1, 2021.
- Offer mobile betting state-wide.
- Ban on prop bets for college teams.
- A maximum of two skins per licensee.
The state regulators are expected to vote on the rules at a meeting which will take place on July 30, 2019.
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