Iowa Becomes Third State To Legalize Sports Betting In 2019Bill Will Allow Iowans To Bet On Sports Both Online And At Brick-And-Mortar Casinos |
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Iowa became the third state to legalize sports betting in 2019 when Gov. Kim Reynolds signed SF 617 into law on Monday. Iowa joins Montana and Indiana as states who have decided to legalize sports betting this year.
Under the law, Iowans who are 21 years or older will be allowed to place bets on both professional and collegiate sports at any of Iowa’s 19 casinos.
Online and mobile betting will be allowed as well, provided that the bettor verifies his age and identity at a land-based casino first. Casinos will be allowed to have two separate online sports betting skins.
Gambling on collegiate sporting events will be legal, but in-game proposition bets on those games will not be.
The bill places the Iowa Racing and Gaming Commission in charge of regulating the industry. According to the Des Moines Register, the commission hopes to have rules and regulations in place for the fall, which would allow Iowans to place bets on sporting events this football season.
Operators will pay the state a $45,000 license fee and a $10,000 annual renewal fee. Sports betting revenue will be taxed at 6.75 percent.
The bill also includes language that legalizes fantasy sports. That means that daily fantasy sports giants DraftKings and FanDuel will have access to the market with their online sportsbooks.
Even if that language weren’t in place, DraftKings has a partnership with Caesars and FanDuel has one with Boyd Gaming. Both of those corporations have a casino in Iowa and will likely use their sportsbook as one of their two sports betting skins.
With Iowa becoming the latest state to legalize sports betting, there are now 12 states with legalized sports betting. Tennessee will likely become the 13th state later this year after the legislature passed an online-only sports betting bill that the governor is expected to pass through inaction.
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