On August 15 Iowa became the 11th state in the USA to legalize sports betting and opened its first sportsbooks. Only 94 days after the state’s governor, Kim Reynolds, signed the bill into law, 8 casinos started accepting wagers. Iowa is also only the fifth US state where online betting is permitted and the first one where mobile sportsbooks were launched on the same day as their retail counterparts.
15th August was a big day in Iowa
The day that the new sports betting law would come into effect was long anticipated by the state’s casinos and when it finally came, 8 out of 19 took the opportunity straight away and opened their sportsbooks at noon. Four of those have even released their mobile applications — Isle Bettendorf, Isle Waterloo, Lakeside, and Prairie Meadows all teamed up with William Hill to deliver their new product on Day 1.
These four have been accompanied by Ameristar, Catfish Bend, Rhythm City, and Riverside as the remaining operators who started accepting sports bets in their venues, while preparing their online platforms, powered by Kambi, PointsBet, and BetWorks, for launch before the start of the upcoming NFL season. In order to be able to bet online, however, punters first have to register in the physical casino in person. This rule is to apply until 2021 when it will become possible to create an account online as well.
Iowa’s sports betting law is different
While most states regulate gambling on a state-wide level, Iowa has given the power to decide which kinds of gambling are permitted to each individual county. Among the rules that apply to the whole state is that to place a bet, the bettor has to be at least 21 years old, and the subject of the bet cannot be a minor league baseball game or a high school event. Neither is it allowed to bet in-game on individual players from state colleges or universities. Betting on college sports will only open in May 2020.
The power to oversee sports betting has been invested into Iowa Racing and Gaming Commission. Sports wagering can be offered by any of the state’s 19 casinos, each of which can do so through a maximum of 2 brands. The fee for a license application is $45,000 with annual renewal for $10,000. The tax rate for sportsbooks has been set to 6.75%, which is one of the lowest in the country.
