Iowa Ready to Launch Sports Betting Market on August 15th

Iowa Racing & Gaming Commission signed off on new rules for this state regarding the regulated sports betting and fantasy sports market and will launch these new verticals next week, at 12 PM on August 15th.

According to Iowa’s legislation, consumers will be able to place their wagers in-person, online and via mobile devices.

The Venue to Go First is…

Kim Reynolds, Iowa’s governor…

…has signed the legislation into law in May. The first land-based venue to accept in-person legal wagers will be The Ameristar Casino in Council Bluffs. This casino, with the help of their partner, Penn National Gaming, will launch these operations on August 15th.

The renovated Amerisports Bar & Grill will be the spot where Ameristar Casino will have their new sportsbook opened. Also, throughout the entire property, betting kiosks will be placed for consumers to place their bets with ease.

The first ceremonial sports wager at the casino will be placed by NFL veteran Tim Dwight.

Protagonists Speak

Comments Timothy Wilmott, Penn National CEO:

“Iowa is poised to become the first mid-western state to offer sports wagering since the federal ban was repealed last year. We appreciate the diligence of the Iowa Racing and Gaming Commission that will allow us to begin offering this great new amenity at Ameristar Casino Council Bluffs prior to the kick-off of football season.”

Ameristar Casino’s general manager, Paul Czak, adds:

“Customers have been clamouring to place sports bets since the law ed earlier this year. Collegiate and professional sports are embedded in the culture of Iowa and Nebraska. We look forward to welcoming customers from across the region at the incredible new sports book at Ameristar Casino Council Bluffs.”

of Doing Business

Although professional and collegiate sports wagering will be allowed…

…a ban on Iowa college teams’ player performance betting will be forbidden. Collegiate players will also be a subject of ban on daily fantasy sports until May 2020.

Iowa’s regulated market licenses will cost $45,000 while all the operators will be taxed at a rate of 6.75% on annual sports wagering net receipts. Those operators who become licensed will be able to enter partnerships with up to two entities for setting up sports betting sites – under the condition that third party doesn’t hold a license in this state already.

Betfred’s First

UK betting operator, Betfred, has struck a deal with Iowa’s Elite Casino Resorts…

…that will mark this company’s debut on US soil. They have signed the sports betting technology and operations agreement with the operator which owns three gaming venues in this state. The license was issued to Betfred on July 10th.

Betfred’s CEO, Fred Done, said of this new venture for the company:

“I’m delighted to partner with Elite Casino Resorts in Iowa and we are looking forward to working with our new partners and sharing our t expertise in what is a very exciting opportunity and market for Betfred.”

Source:

“Iowa set to launch sports betting on August 15”, igbnorthamerica.com, August 8, 2019.