Iowa Launching Regulated Sports Betting on August 15
Good news for bettors in Iowa, as the regulated sports betting and fantasy sports market in the Hawkeye State will go live on Thursday, August 15.
This decision comes after the state’s gambling regulator, the Iowa Racing and Gaming Commission approved the new rules that will be enforced in this U.S. state starting from 12pm on August 15. Starting from this date, the Iowans will be able to wager on sports both in-person and online, using their mobile devices.
Iowa legalized sports betting in May, becoming the 11th state to offer this activity to its residents since the U.S. Supreme Court repealed PASPA and lifted the federal ban which had been in place for more than 25 years.
Action Starts on Thursday
The first among casinos in Iowa to start accepting legal bets is the Ameristar Casino in Council Bluffs. The venue, which has already partnered with Penn National Gaming, confirmed it would go live on August 15.
The casino has also announced its plans to open a new sportsbook at the Amerisports Bar & Grill, along with a wagering counter and kiosks placed all over the casino property, which will make easier for customers to place their wagers.
At the opening ceremony, the first legal bet at the Ameristar Casino will be placed by former NFL star Tim Dwight.
Commenting on the upcoming launch, Timothy Wilmott, Chief Executive Officer at Penn National Gaming, said Iowa was poised to become the first mid-western state to offer sports wagering since the federal ban had been repealed last year.
He added they appreciated the diligence of the Iowa Racing and Gaming Commission that would allow the company to begin offering this great new amenity at Ameristar Casino Council Bluffs before the kick-off of the new football season.
Looking Forward to Welcoming Players
General Manager at the Ameristar Casino in Council Bluffs, Paul Czak said customers had been clamouring to place sports bets since the law had passed earlier this year and pointed out that collegiate and professional sports were embedded in the culture of Iowa and Nebraska. He added they were looking forward to welcoming customers from across the region at the incredible new sportsbook at Ameristar Casino Council Bluffs.
Operators interested in doing business in Iowa will have to pay a license fee of $45,000, with a tax rate of 6.75% on annual sports wagering net income.
Under the provisions of the current sports betting legislation, operators with a license can partner with up to two entities. This can enable them to set up additional websites for sports betting, provided the third party doesn’t have a license in Iowa. The renowned British bookmaker William Hill has so far signed several partnership agreements with Iowa casinos, including the one with Prairie Meadows Racetrack and Casino.
The law in Iowa allows placing bets on professional and collegiate sports, but prohibit betting on performance for athletes representing Iowan college teams. It should be pointed out that betting on daily fantasy sports contests based on collegiate players is temporarily outlawed. The ban will end in May next year.