Iowa Sports Betting Bill Receives Senate’s Approval

It has been announced that the Iowa Senate has voted in favor of a bill that would finally legalize sports betting and daily fantasy sports contests in this US state.

Senate File 617 ed the Senate’s approval and received 31 votes in favor of it and 18 votes against it.

Now, the plan is to send it to the House for further discussion and debate. The House still hasn’t set the date for the first hearing of the bill in the state’s House.

Iowa’s regular session runs until May 3, so the destiny of this bill will have to wait to be determined until then.

More Details on The Bill

Senate File 617 is actually an upgraded version of Senate Study Bill 1168, which was introduced back in the month of February by Senator, Roby Smith…

…with the aim to legalize wagering on professional and collegiate sporting events.

According to the bill SF617, the plan is to regulate in-person, online and mobile sports betting in Iowa. When it comes to mobile sports betting, the consumers would have to in-person first, at a licensed venue.

Each licensed operator that gets permission to offer its sports betting services in this state would have to pay $75,000 for the permit, along with an annual renewal fee of $5,000.

Also, all operators would be permitted to enter partnerships with the maximum of two entities in order to establish additional sites for sports betting.

This process is also known as skin sites and would only be permitted if the third party did not already receive a license to operate in Iowa.

All licensees in the state would be taxed at 6.75% of their sports betting revenue each year. The official regulatory body for sports betting would be Iowa Racing and Gaming Commission that would be in charge of everything related to this market.

Sports betting would be allowed only on professional and collegiate sports…

…but it won’t be permitted to bet on a players’ performance for athletes that are representing a college team.

Iowa Casino Launches Sportsbook

Even though sports betting still isn’t legal, Catfish Bend Casino in Burlington wants to completely set up its sportsbook on time and be ready to start offering this type of gambling as soon as it gets approved by officials.

The Iowa State’s Racing and Gaming Commission (RGC) has announced that it will actually review the plan of this casino, along with its two construction and operation contracts.

Back in January, Prairie Meadows Racetrack & Casino also prepared its first sportsbook by partnering up with William Hill.

The arrangement was signed on Wednesday, January 16th, and it grants Hills exclusive rights to provide sports book operations at the venue.

“We are excited about the prospect of sports betting in Iowa and are thrilled to partner with Prairie Meadows to be ready for the day when sports betting is legal in the state.

We are building a first-class sports book that will make Prairie Meadows the place to bet and watch the games,” William Hill’s US chief executive officer, Joe Asher, said.

Source:

“Iowa sports betting bill clears Senate”, igamingbusiness.com, April 18, 2019.