Iowa became the latest state to join the ranks of states which allow legal sports betting.
On Monday, May 13 2019, the Governor of the state of Iowa signed legislation allowing sports betting on professional and college sports for the state’s 19 casinos. The bill was delivered to Gov. Kim Reynolds on May 6th after the Iowa House of Representatives voted 67-31 in favor of passing the bill at the end of April.
The legislation allows players from the state of Iowa to bet on sports events in land casinos, online and via mobile, as long as they first register in person to prove that they are at least 21. The bill sets 6.75% tax rate on the betting revenue and an extra 0.75% for charity. Casinos will require a 45 000$ license fee and a $10,000 renewal fee in order to accept bets.
The state’s commercial casino annual revenue is expected to increase to more than $4 billion in the upcoming years, compared to $1.46 billion in 2018. Casinos in Iowa are also expected to capture the majority of the sports betting market in Nebraska.
Sports Betting in the United States
The bill legislation came almost a year after the US Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA). PASPA was accepted in 1992 and prohibited states from legalizing sports gambling.
Up until last year, only the states of Nevada, Oregon, Delaware, and Montana had the right to accept sports wagers. This however changed shortly after PASPA was overturned and now there are more than 10 states which already allow sports betting. Three more states are currently drafting bills and are really close to having legal sports betting: Indiana, Tennessee, and Montana. Other states are also expected to follow soon.
Iowa Sports Betting Highlights
Tax Rate: 7.5%(6.75% state tax and 0.75% charity tax)
Casino Application fee: $45K(plus $10K renewal fee)
Online Betting: Yes
Requirements: In-person registration until Jan. 1, 2021; Players must be 21 and older
Regulatory Body: Iowa Racing and Gaming Commission
If you want to learn more about the current state of the sports betting market in the United States and find the best bookmaker sites, visit our betting section here.