- August 15 marks the day in which Iowans can start placing sports bets, legally
- NFL veteran Tim Dwight confirmed to be the first to place legal sports bet in the state
- The new legislation allows Iowans to place bets at designated locations, as well as online
Back in May Iowa Governor Kim Reynolds signed the SF 617 legislation into law, paving the way for legal sports betting in the mid-western state. Now with all the details tackled and the Iowa Racing & Gaming Commission all done with establishing the rules, the state is ready to engage in legal betting both online and at designated locations.
A Regulated Market for Sports Betting in Iowa
The new law will permit sports betting on professional and collegiate sports events. The state’s government has not failed to notice the importance of the online market, as well, meaning that online sports wagers also fall in the legalized category.
Nevertheless, the new law does impose some restrictions. Sports betting enthusiasts will have to wait until May 2020 in order to be able to participate in daily fantasy sports contests, which include collegiate players. Also, wagering on the performance of athletes representing college teams will not be allowed.
Operators willing to provide Sportsbook services for Iowans would have to acquire a license at the cost of $45,000 and will have to abide a 6.75% tax rate on their annual sports betting net income. Once licensed and agreed, Sportsbook service providers would be permitted to engage in cooperation with up to two entities for in order to establish supplementary locations for receiving sports wagers. Partnerships may be stepped into as long as the third party is not already licensed as an operator in the state of Iowa.
A Nice Way to Kick Things Off
This turn of events calls for celebration for those in the gambling business and their respective crowds. In order to celebrate the occasion, former American football player and star Tim Dwight has been confirmed as the first person to place a legal sports wager in the state at the Amerisports Bar & Grill opening event, organized by the Ameristar Casino in Council Bluffs.
The Ameristar Casino will be among the first to start accepting legal sports bets and has confirmed the launching of their renovated establishment, the aforementioned Amerisports Bar & Grill. The establishment will be opened on August 15th and the ceremony will take place at about 12 pm when the new law is set to come into force.
“Customers have been clamouring to place sports bets since the law passed earlier this year. Collegiate and professional sports are embedded in the culture of Iowa and Nebraska […] We look forward to welcoming customers from across the region at the incredible new sports book at Ameristar Casino Council Bluffs” said Paul Czak, chief manager of the casino.
Penn National Gaming – partners to the Ameristar Casino – chief executive Timothy Wilmott expressed his acclaim over the fact that Iowa is to become the first state in the mid-west to offer sports betting services, and hailed the Iowa Racing & Gaming Commission for granting them and their partners the opportunity to start offering sports book services prior to the football season kick-off.