Add Iowa to the growing list of states entering the legal sports betting market in 2019. The Hawkeye State is the most recent to legalize sports betting after Governor Kim Reynolds signed the measure into law on May 13. Lawmakers passed the Iowa sports betting bill with bi-partisan support last month before Reynolds signed her name to it, and wagering should be able to commence by Fall 2019.
Iowa online sports betting is set to be included in the measure as well, along with the legalization of Daily Fantasy Sports platforms such as DraftKings Sportsbook and FanDuel Sportsbook. Under the legislation, Iowans will be allowed to make sports betting picks at any of the state’s 19 casinos and online after going in-person to a casino to verify being at least 21 years of age.
Iowa is set to have a 6.75 percent tax rate on revenue while online sports betting licenses are expected to run at $45,000. Since each casino is allowed two “skins” there can be up to 38 sports betting operators in the state. Rules and licensing for IA online sports betting need to be implemented by the Iowa Racing and Gaming Commission, which will allow the mobile aspect of this plan to follow close behind retail sports betting.
Iowa Joins Wave Of States Adding Sports Betting in 2019
It isn’t just Iowa where sports betting is being legalized. The industry is booming in nearly every place it’s been established, and states are beginning to take notice. The Hawkeye State is the fourth to pass sports betting legislation this calendar year alone, joining Tennessee, Indiana and Montana. Below is a list of all states with sports betting legislation that has been passed:
- New Jersey (including NJ sports betting online)
- Pennsylvania (PA online sports betting coming soon)
- Indiana (IN online sports betting coming soon)
- Montana (MT Sports Betting coming soon)
- Tennessee (TN Sports betting coming soon)
- West Virginia (WV online sports betting currently on hold)
- Rhode Island (RI online sports betting coming soon)
- Delaware (DE online sports betting to be expected)
- Mississippi (MS online sports betting coming soon)
- New Mexico (Land-based sports betting only)
Iowa Sports Betting is set to include both land-based and online sports betting venues, but first rules and licensing for the industry need to be taken care of by the Iowa Racing and Gaming Commission. Once launched, the dynamic of IA sports betting adds an extra revenue-producing element that each of the newly-legalized states will feature as well.
IA Sports Betting Should Launch To Big Numbers Based On Timing
The plan is to have Iowa Sports Betting allowed at land-based casinos by Fall 2019 with online betting not far behind, which could mean massive profits if they remain on-schedule.
The Midwest is littered with sports fans of professional and college teams, and Iowa is no exception. IA sports betting players in The Hawkeye State will be there to support its local teams like Iowa and Iowa State in the NCAA, but will surely take interest in major professional sports as well. Legalizing sports betting in time for football season (followed by basketball soon after) will give the state a phenomenal chance at generating impactful revenue from the start.