The casino company Hard Rock has revealed that it is planning to make space for sports betting in Sioux City, Iowa.
US.- Iowa is one of the latest states in the US to approve and legalise sports betting. After Governor Kim Reynolds signed the bill into law, casinos started evaluating their possibilities to be part of this segment. Now, Hard Rock wants to expand its operations and make space for sports betting in its Sioux City casino.
Hard Rock revealed that the company will ask Iowa regulators on Thursday for permission to make space in its casino for sports betting. Sioux City’s Hard Rock Hotel and Casino has filed plans to revamp part of the wine bar and high stakes betting area in order to include sports betting at the facility.
It is estimated that the cost of these changes would be US$900k and would take approximately two months to complete. If it accomplishes this, the casino would offer sports betting in time for the opening of the NFL season and college football.
Iowa legalised sports betting
The bill signed by the governor in May authorises the Iowa Racing and Gaming Commission, which already regulates state casinos, to set rules for betting on professional, collegiate and international sporting events. However, it excludes some events like minor leagues and in-state college team players. It also legalises daily fantasy sports (DFS) and fantasy sports contests, but delays betting based on college sporting events at least until May 2020.
Furthermore, the rules approved by the state and signed into law by the Governor establish that sports betting will also be available for people over 21 and sets a 6.75% tax on net receipts. Lawmakers believe that taxes and licensing fees could bring up to US$2.3 million to US$4 million annually in revenue.