In Iowa, House and Senate committees are discussing sports betting bills. Both would allow the state’s 22 casinos to offer sports betting, but the House bill would authorize the immediate development of apps.
The House State Government Committee, chaired by state Rep. Bobby Kaufmann, is reviewing HSB 198. Kaufmann, the bill’s sponsor, said sports betting could generate $5-$10 million in annual state revenue. But he said sports betting will not be a “cash cow.” He added, “The whole point of this bill is to bring people out of the shadows,” and regulate an activity that’s happening anyway.
Under the bill, casinos would pay $15,000 annually for a sports betting license. Sports book net receipts would be taxed at 6.75 percent; three tribal casinos would be exempt from paying the tax.
The Senate State Government Committee passed SSB 1168 on an 8-6 vote. Sponsored by state Senator Roby Smith, the measure would legalize betting on professional and collegiate sports, including mobile sports betting within the state. It also would legalize betting on fantasy sports. Some details have not been specified, like a tax rate, licensing fees and how sports betting revenue would be spent. It would require in-person registration. No fee or royalty would be paid to professional sports leagues.
Although a sports betting bill hasn’t been passed by either chamber, Prairie Meadows Casino in Altoona already is preparing. It recently announced it will partner with operator William Hill to run its planned 8,600 square foot sports book on the casino’s fourth floor, featuring a bar and video wall.
