AP/Lang
8/15/19
Iowa casinos began accepting bets on sporting events Thursday, making the state the 11th in the nation and first in the Midwest to allow such wagering.
The Riverside Casino and Golf Resort in Riverside began taking bets at its Elite Sportsbook at 5pm Thursday. The sportsbook is located inside the casino’s Draft Day lounge.
Gov. Kim Reynolds signed a measure in May that allowed sports betting, beginning at noon Thursday. It requires players to first travel to a casino to prove their age and identity and set up an account.
Iowa is the only Midwestern state with legalized sports betting. Indiana is set to start next month, and Illinois has approved it but could be several months away from startup because rules are still being drafted.
Iowa’s law requires mobile betting to be done within the borders of the state. Betting software includes precision geofencing technology that nullifies bets made outside of Iowa.
Sports betting is limited to those 21 and older, and the state will collect a 6.75% tax on net receipts. Taxes and licensing fees are estimated to bring in estimated annual revenue of $2.3 million to $4 million annually.
First-day bets could be placed on several sporting events including upcoming Major League Baseball games, National Football League preseason contests or college games.
Betting in Iowa is allowed on professional, collegiate and international sporting events. Iowa also has legalized fantasy sports contests and internet fantasy sports betting.