This is when the magic beginsSeptember 25, 2019 John Isaac
The time has come for Iowa to become part in the nascent growing industry of fantasy sport and online gambling. The date is set, and it is essential to be remembered. On August the 15th, sports betting can begin, and the gamblers can place their wagers on professional and sports events or fantasy sports contests.
The new thrill
Relating to the latest news, Wes Ehrecke, the president and CEO of Iowa Gaming Association said:” There’s an excitement, just that kind of vibe. We have another entertainment option to enjoy watching sports by betting on them, and we can let players do that in retail and mobile environments.”
The Iowa Racing and Gaming Commission has given a consent to 18 casinos that had previously applied for gambling licenses. Of course, not all casinos will be prepared to take wagers on the very first day, though, most of them are to start taking bets by the end of August, before the beginning of the new college and National football season. Prairie Meadows in Altoona which is the heart of the horse racing in the state won’t be wasting any time to start the betting season just in time for its opening.
A little update on the amended betting rules in Iowa
Sports betting was officially legalized in Iowa in May this year after Governor Kin Reynolds signed SF 617 into law. In order to fit into the Gambling Games Regulations a few amendments were made. The new bill applies only for bettors who are 21 or over. Mobile wagering is expected to take longer to launch and put in action. Whether betting on site or on mobile app, once it kicks off, participants must register at casinos in-person for mobile accounts by the end of 2021. Luckily, this will only be the case up until 1 January 2021, after that date sports enthusiasts will be able to sign up remotely from anywhere within the state. Before the official release of the mobile apps in the public sector, they must go through an integrity or security checks.
Land-based and state-wide mobile wagers are permitted, whereas wagers on minor leagues as well as bets on individual athletes in the game are prohibited by law. In addition, there will be 6.75 percent tax rate on betting revenues as well as low $75 000 license fee with a $10 000 renewal fee. The regulator is the current Iowa Racing and Gaming Commission.
Fantasy alternatives such as daily contests need yet to be reviewed by the commission, but they could also be available for the start of the NFL season. The Iowa bill includes a facility that forbids daily fantasy games on college sports until May 1, 2020.
Iowa and the other states
Iowa is the first country in the Upper Midwest to take part in the sports betting business, the third to legalize the bill in 2019 and the 11th to offer legal sports wagering for people over 21 years of age. Ever since the Supreme Court has brought the decision for legal gambling,10 states have joined the betting community. Following Nevada as the first one, Mississippi, Delaware, New Mexico, New Jersey, Pennsylvania, Rhode Island and West Virginia took bets last year. New York and Arkansas completed their laws and regulations this year.