Published: 23.04.2019, 18:39
1 min read
After much deliberation, the Iowa House of Representatives has approved the bill that legalizes sports betting, online and offline. After the governor signs the bill, Iowa will join other US states that recently legalized sports betting.
The new law authorizes betting on professional, collegiate, international and fantasy sports events. Despite many Americans being opposed to betting on college sports, it will be authorized as well, but not until May 2020. With that said, betting on an individual college sports player based in Iowa would be banned.
Betting would be available in land-based betting parlors, online betting sites and on mobile. Iowa Racing and Gaming Commission, the current state’s gambling regulator, would be in charge of regulating the market.
Though certain amendments have been made since the last Iowa betting bill consideration, the tax rate of 6.75% would remain, with expected annual licensing revenue of up to $4 million. Additionally, operators would be able to establish betting sites with up to two other entities.
According to a Republican party representative, legalized sports betting will present a “regulated environment”. On top of that, it will attract many operators in the field to enter another market. The latter is already happening, as PointsBet has already announced the launch of a mobile sportsbook in Iowa in partnership with Catfish Bend Casino.
