Iowa Governor Signs New Betting Law
The state of Iowa recently signed a bill into law allowing its residents to place bets on sports, according to the Des Moines Register. The bill was passed 67-31, in favor of sports betting. Governor Kim Reynolds was the one with final say over the matter, eventually signing the bill to law even though many didn’t know her side. Full launch is expected to be July 4.
The new industry will be regulated by the Iowa Racing and Gambling Commission. The commission was chosen out of four different organizations to take over the matter.
Each wager placed is subjected to 6.75 percent tax, all of which go straight to the state. This number was chosen by the legislature in order to maximize state revenue.
Iowa will now be one out of nine states that allow for sports betting. Other states include Nevada, Mississippi, New Jersey, Delaware, New Mexico, Pennsylvania, West Virginia, and Rhode Island.
The new law is a result of last year’s Supreme Court ruling, which struck down PASPA (Professional and Amateur Protection Act). Before this repeal, states were barred from choosing whether or not they could allow sports betting on an individual level. Now that this act is gone, states are free to make the decision for themselves.
Opening the spigot to legal sports betting is projected to bring in millions of dollars to Iowa’s state coffers. Moreover, it will bring transparency to the betting industry, while strangling the revenue of illegal bookmakers.
Rules and Regulations
The new law allows those who are 21 years or older to place bets on sports in a casino or online. Those who wish to bet online are required to verify their age through a land-based casino before given online betting rights. This rule is expected to change as the industry ages.
Casinos are not the only place allowed to gamble. Popular sites, such as Fanduel are already operating within multiple states, due to an existing loophole in Federal law. Players will be able to take advantage of these sites in the near future.
Although the law legalized sports gambling throughout all of Iowa, there are still a couple of restrictions. One of the major restrictions is bets placed on players. While it is still legal to bet on a certain professional play, it is illegal to place bets on college athletes. This was done to prevent players from taking money in order to skew games. However, betting on NCAA games is permitted.