Legislation

US – Iowa’s casinos under starters orders for August 15 sports betting launch

By Phil - 1 August 2019

The Iowa Racing and Gaming Commission has signed off on the final legislation for sports betting with the sector under starter’s orders for noon at August 15.

The state boasts 19 land-based casinos, with 18 expected to offer a retail sports books on or soon after that date, with at least 15 expected to offer mobile betting too. Casino Queen in Marquette isn’t taking part in the initialroll-out.
Wes Ehrecke, President and CEO of the Iowa Gaming Association, said: “There’s an excitement, just that kind of vibe. We have another entertainment option to enjoy watching sports by betting on them, and we can let players do that in retail and mobile environments.”

Operators will have to buy a $45,000 license fee, with an annual $10,000 renewal, to take part. Tax has been set at 6.75 per cent of the revenue, the same as Nevada, and the lowest in the US.

Customers will need to open their sports betting account in person at one of the casinos. Mobile apps will need to ensure customers can set deposit, wager and time limits on what they are betting. In-play betting has been allowed with Daily Fantasy Sports still waiting in the wings to be included.

Iowa’s casinos generated $1.457bn last year. Sports betting is being tipped to generate between $29.1m and $58.3m in annual revenue.

Gaming Commission Administrator Brian Ohorilko added: “The industry requested a timeline that has been very aggressive, and the commission has been trying to keep up with that. We have been able to meet those deadlines, but we haven’t been able to meet with every applicant. We wanted everyone to have an opportunity to start on the same date. And that was important to that we were providing a fair opportunity for everyone. August 15 is that date. Some of the operators, August 15 isn’t as important of a date, maybe it’s college football season or pro football season. So, they’ll all have an opportunity to start on the 15th, but if they are not ready or chose to wait, they’ll have the opportunity to do that.”

The first major college football game is set for August 24 between University of Miami and University of Florida
Mr. Ohorilko added: “We have the best set of rules that make the most sense and are compliant with the law, to make for the best gaming bill in the country. It feels that way and it is that way, relatively free from any controversy or issues.”

Caption: Sports betting at Prairie Meadows