The Iowa Racing and Gaming Commission will oversee the state’s new betting industry after Governor Kim Reynolds signed in legislation for online and land-based sports books.
The legislation will allow Iowans to bet on sporting events at any of Iowa’s 19 casinos and online although they will have to attend a casino in person to sign up. Fantasy sports will also be allowed.
The Governor’s spokesman Pat Garrett said: “Governor Reynolds believes that legalising sports betting will bring this practice out of an unregulated black market.
Taxation has been set at 6.75 per cent with a $45,000 license fee and a $10,000 renewal fee. Online operators will be allowed to offer two skins per licensee.
American Gaming Association executive 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. Through the leadership of champions like Iowa Gaming Association President and CEO Wes Ehrecke, Iowans will now have a safe alternative to the illegal market that has thrived in the Hawkeye State and across the country.”