Legal sports betting is on its way to Iowa. Governor Kim Reynolds signed legislation in late April to allow wagering on professional, college, and fantasy sports games in casinos and other licensed retail locations. In fact, Prairie Meadows completed renovations and ready to open the first Iowa sportsbook once lawmakers approve it.
The Hawkeye State will collect 6.75 percent in taxes. Also, Iowa allows gamblers 21 years and older to place bets in person at any of the casinos with a sportsbook. Also, it doesn’t matter whether they are local or from other states.
In order to offer sports betting, casinos need to pay a licensing fee of $45,000. Then, they need to renew the license each year for $10,000. In addition, casinos need to submit plans for renovations or expansions to their property for sports betting.
Prairie Meadows completed all the requirements to become the first Iowa sportsbook. In fact, it transformed its horse racing simulcast area into a sportsbook and bar.
Another casino that is preparing its own sportsbook is Catfish Bend Casino in Burlington. It signed a deal with PointsBet to help with sports betting operations. Also, the firm is renovating a part of its casino to be a sportsbook.
The Iowa Gaming Association told pay per head experts that other casinos are discussing partnerships with third-party software sportsbook operators. Also, some casinos are processing their licenses with the state.
While the first Iowa sportsbook is ready, it is still waiting for the Iowa Racing and Gaming Commission to come up with the sports betting rules in the state. Once the commission drafted the rules, they need to go through a public hearing first before becoming official. According to the members of the commission, the process will be completed by the middle of August.