The Iowa Senate recently voted 31-18 for SF 617 which would legalize sports betting and have it launch sometime this year, regulated by the Iowa Racing and Gaming Commission. The measure also would legalize daily fantasy sports. The legislation now moves on to the House.
Both on-site retail and statewide mobile sports wagering would be allowed, with in-person registration for mobile apps available until January 1, 2021. The bill would ban prop bets on in-state college teams. Sports betting income would be taxed at 6.75 percent, plus an additional 0.75 percent directed to charitable groups and causes. The initial license fee would be $45,000 with a $10,000 renewal fee. Licensees would be allowed two skins.
The legislation has bipartisan support but faces a short schedule, with the legislature set to adjourn May 3.
