In Iowa, A bill has been considered which intends to legalize betting on sporting events and fantasy sports. The bill itself has passed the Senate and is expected to be considered as soon as the upcoming Monday in the House.
On Wednesday ( 18 April,2019 ), the Iowa Senate passed a bill to legalize sports betting, both in-person at the state’s 19 casinos and over mobile devices.
The vote had 31 senators in favor. However 18 of them still voted against it. With 31 in favor and 18 opposed, the bill still has alot of the chances.
The sponsor in the Senate, state Sen. Roby Smith (R), said Wednesday that the bill is primarily about consumer protection.
Iowa will tax sports betting revenue at just 6.75%, a relatively low rate compared to other states. In fact, no state has a lower rate (Nevada also has a 6.75% state tax).
An additional 0.75% of sports betting revenue in Iowa could go to charitable causes.
There’s also a $45k initial license fee to conduct sports wagering — with a $10k annual renewal fee — and licensure available to the state’s existing 19 licensed casinos/gambling facilities.
Under the bill, the Iowa Racing and Gaming Commission has been selected as the authority to control and regulate the state casinos and sports betting on domestic as well as the international level.
“Iowans deserve a product that is safe, secure, and enjoyable”. “That is what SF617 does. I believe that what we are doing in this bill is the right thing to do.” – The sponsor in the Senate, state Sen. Roby Smith (R)
The bill excludes betting on some events, including minor leagues and in-state college team players.
The bill also intends to legalizes fantasy sports contests and internet fantasy sports betting. However, the bill intends to delays betting based on college sporting event statistics until May 2020.