Iowa Governor Kim Reynolds signed a bill legalizing in-person, online and mobile betting on professional, collegiate and international sporting events. Sports betting could begin as soon as this summer, though it’s more likely to start just ahead of football season, said Iowa Racing and Gaming Commission Administrator Brian Ohorilko.
The measure also allows fantasy sports contests and internet fantasy sports betting; however, it puts off wagering based on college sporting event statistics until May 2020. The new law also bans betting on minor leagues and in-state college team players and in-game prop bets.
The state will collect a 6.75 percent tax on the casinos’ sports-betting hold. Bettors must be at least age 21 and register in-person at a casino sportsbook. The Iowa Racing and Gaming Commission, which regulates the state’s 19 casinos, will have regulatory authority over sports betting. Ohorilko recently said most of the state’s casinos will create sportsbooks.
American Gaming Association Senior Vice President of Public Affairs Sara Slane said, “The state of Iowa has set its legal sports betting market up for success with a reasonable tax rate, mobile wagering, strong consumer protections and provisions that put responsible gaming at the forefront. Iowa’s legalization of sports betting brings the total number of legal markets in the United States to 15, none of which include statutory provisions for integrity fees.”
The sports betting bill passed the state House in a 67-31 vote, and 31-18 in the Senate. Iowa is the third state to legalize sports betting this year, following Indiana and Montana. A bill also has been passed in Tennessee where Governor Bill Lee said he opposes legal sports betting but will allow the bill to become law without his signature.
Officials at Prairie Meadows in Altoona said it will be the first casino in Iowa to offer sports betting once the rules are in place. It already signed a partnership with sportsbook operator William Hill and completed a sportsbook area.
In Burlington, Catfish Bend Casino formed a partnership with the Australian sports betting company PointsBet and is renovating a 5,000 square foot area into a sportsbook. Chief Executive Officer Gary Hoyer said he expects it to open in August once the rules are drafted. “I am hearing interest probably like nothing else since the opening of riverboat gambling in Iowa back in 1991. Wherever I go, whether it’s the grocery store or out for dinner, it’s the topic that everyone stops and wants to talk about,” he said.
