By TheNuts - Jun 21, 2019
Iowa Becomes the Third State This Year to Legalize Sports Betting
The wave of states that are jumping on the sports betting bandwagon continues to grow. Iowa now becomes the third state in 2019 behind Montana and Indiana to take the legislative step to legalize sports betting.
Kim Reynolds, the governor of Iowa, signed into law Senate File 617 to legalize sports betting immediately while legislatures and the existing brick and mortar casinos work to make this a reality.
Operators will have to pay an application fee of $45,000 plus an annual $10,000 renewal fee. The law allows the current 19 casinos to open a sportsbook on their premises plus allows them to set up online betting as well. These 19 casinos will answer to the Iowa Racing and Gaming Commission and pay a tax rate of 6.75%.
Spokesman Pat Garrett told the Des Moines Register… “Gov. Reynolds believes that legalizing sports betting will bring this practice out of an unregulated black market. This law will regulate, tax, and police sports betting in a safe and responsible way,”
This is yet another big win for sports betters and the operators in the U.S. It has been all most one year since the overturning of PASPA and there are now a total of 10 states that have legalized sports betting which is a pretty respectable start considering how slow governments typically move when it come to legislation.