The state of Iowa Racing and Gaming approved sports betting regulations with the target date launch of August 15th. This will be in plenty of time before football season begins.
18 of the state’s 19 gaming locations have been approved for sports wagering. It is believed that these locations will also offer some sort of mobile sports betting service as well.
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.”
Sportsbooks in Iowa have to abide by these rules as set by the Gaming commission:
• A 6.75 percent tax on sports wagering revenue to the state.
• A $45,000 license fee with a $10,000 annual renewal fee.
• Mobile wagering statewide, but bettors must prove their identity and age and open an account at a casino. In person registration is required through Jan. 1 2021
• Mobile apps also will be geofenced and will only operate within Iowa state lines.
• Wagers on college and professional sports and some fantasy contests are approved. There is a ban on prop bets involving in-state college teams, however.
image source: Timetoast.com