Governor Kim Reynolds has finally signed Iowa’s sports betting bill and allowed the segment to launch.
US.- The sports betting segment continues to grow in the US and expands into several states. Iowa has become the latest to welcome it after Governor Kim Reynolds signed a bill passed by the Legislature.
American Gaming Association’s Sara Slane as quoted by Legal Sports Report, celebrated the legalisation. She said that Iowa had “set its legal sports betting market up for success with a reasonable tax rate, mobile wagering, strong consumer protections and provisions that put responsible gaming at the forefront.”
The bill 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, 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.
“This just brings people out of the shadows and gives them a regulated environment,” said Sen. Roby Smith, R-Davenport. “It gives people the freedom to choose to do sports wagering, legally.”