What Happened With the Sports Betting Bill in Iowa?

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 The US is slowly catching up with the rest of the world when it comes to sports betting. This popular gambling activity began to expand in the US in 2018 since the Supreme Court overturned the federal law on sports betting and allowed the state governments to set their own policies on this activity.

Bettors from the US can now legally bet on sports in more than two dozen states. Since August 2019, there can also be found legal sportsbooks in Iowa. 

The Sports Betting Bill in Iowa

Iowa has become the 11th US state to legalize sports betting after Gov. Kim Reynolds signed HF 2497, which is a new Iowa gambling bill that included sports betting operations at the state’s casinos, as well as online sports betting.

The Iowa Racing and Gaming Commission is given the power to set up the rules and regulations for the sports betting market in the state. This regulatory body for sports betting in the state is providing licenses to sportsbooks while also ensuring the safety of the bettors.

This bill also legalizes gambling on fantasy sports and e-sports, which have become very popular in recent years. The state has imposed a tax of 6.75% on the sports betting revenues

Bettors from Iowa are allowed to place sports bets on both pro and college sports. But, the bettors from this state are not allowed to wager on high school sports or entertainment-related sporting events.

Since the legalization of sports betting, more than a dozen online sportsbooks have started operating in the state. Every person that is over 21 years of age is allowed to place sports bets at the online betting sites or sportsbooks in Iowa.

Iowa is also one of the cheapest places in the US to gain a gambling license, which costs $45,000 for the first year in the business and $10,000 for every following year. 

As the state of Iowa holds a smaller population and doesn’t feature any professional sports teams, it is seen as one of the more lucrative per capita markets in the US. This state also benefits from sharing its borders with several states where sports betting is yet to be legalized.