When Iowa’s state legislature passed a sports betting bill last month, Governor Kim Reynolds was mysteriously mum on how she felt about it. That changed Monday when Reynolds signed the bill into law. The legislation provides for sports betting to operate at the state’s casinos and allows for mobile betting. It’s now up to the Iowa Racing and Gaming Commission to set up the rules and regulations with the goal of having betting up and running by football season. One of the law’s restrictions is that operators will not be able to take prop bets on college games until May 2020 so that athletic departments can educate their players about what’s happening. The bill also legalizes fantasy sports for the first time. Eight states currently have some sort of legal sports gambling operation while two others have recently made sports betting legal : Montana and Indiana. Iowa’s legalization comes one day before the one-year anniversary of the Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act (PASPA), which allows states to make their own decisions as to how they want to proceed with sports gambling.<doc-sep>Iowa Governor Kim Reynolds signed the bill Monday that will legalize betting on sporting events and fantasy sports in Iowa.The bill authorizes the Iowa Racing and Gaming Commission, which regulates the state casinos, to establish rules for betting on professional, collegiate and international sporting events, including motor racing.The bill excludes betting on some events, including minor leagues and in-state college team players.The bill also legalizes fantasy sports contests and internet fantasy sports betting but delays betting based on college sporting event statistics until May 2020.Sports betting would be limited to those 21 and older, and the bill sets a 6.75% tax on net receipts. Taxes and licensing fees could bring in estimated annual revenue of $2.3 million to $4 million annually.Iowa's 19 casinos will be able to take bets on sporting events. Officials hope to have the system ready in time for the fall football season.States began legalizing sports gambling last year after the U.S. Supreme Court ended Nevada's monopoly.Nebraskans spend an estimated $300 million each year at Iowa casinos. Iowa Governor Kim Reynolds signed the bill Monday that will legalize betting on sporting events and fantasy sports in Iowa. The bill authorizes the Iowa Racing and Gaming Commission, which regulates the state casinos, to establish rules for betting on professional, collegiate and international sporting events, including motor racing. Advertisement The bill excludes betting on some events, including minor leagues and in-state college team players. The bill also legalizes fantasy sports contests and internet fantasy sports betting but delays betting based on college sporting event statistics until May 2020. Sports betting would be limited to those 21 and older, and the bill sets a 6.75% tax on net receipts. Taxes and licensing fees could bring in estimated annual revenue of $2.3 million to $4 million annually. Iowa's 19 casinos will be able to take bets on sporting events. Officials hope to have the system ready in time for the fall football season. States began legalizing sports gambling last year after the U.S. Supreme Court ended Nevada's monopoly. Nebraskans spend an estimated $300 million each year at Iowa casinos.<doc-sep>Hide Transcript Show Transcript your favorite sports team in Iowa. After a session's worth of debate, Governor Reynolds signed the sports betting bill late Monday afternoon. Iowans will be able to bet on professional, collegiate and international sporting events -- including fantasy sports -- at casinos and online. It's now up to the Iowa Racing and Gaming Commission to come up with the rules. Drake Law Professor Keith Miller -- a gaming law expert -- sees that coming this summer. <51;02 THEY CERTAINLY WANT TO HAVE THINGS READY BY FOOTBALL SEASON 51;04> Now earlier this year -- I showed you how Prairie Meadows was well underway on building its sports betting facility. Monday - an executive told me off camera they're thrilled -- and it is hard work -- paid off. Miller says sports betting probably won't be a big money-maker for them -- or the state...but it will create a lot of attention. <52;52 I THINK THE WAY CASINOS LOOK AT IT IN IOWA IS THEY MAY NOT MAKE A LOT OF MONEY OFF THE SPORTS BETTING THEMSELVES BUT IT BRINGS PEOPLE IN THE DOORS THEY MAY GAMBLE ON OTHER THINGS, THEY MAY EAT IN THE RESTAURANTS 53;04> That's what the bill's Senate sponsor argued this April. But Tom Coates doesn't buy it. <25;05 THE ONES IN THE SHADOWS AREN'T GONNA BE PULLED OUT -- THEY'RE GONNA STAY IN THE SHADOWS. 25;08> Coates leads Consumer Credit of Des Moines, a non-profit focused on getting people out of debt. He argues legalizing sports betting is a gateway for NEW gamblers -- especially young men. <19;19 IT IS THE NOSE OF THE CAMEL INTO THE TENT. 19;21> And he thinks it will get some of them into a cycle of problem gaming. <20;19 I WAS TOLD YEARS AGO TO SHUT UP BECAUSE THIS IS GONNA GENERATE MORE BUSINESS FOR ME. EVEN IF THAT WERE TRUE, I WOULD NOT SIT STILL AND SAY 'OH GREAT.'" 20;28> <22;52 IT'S NOT A GOOD DAY FOR IOWA. 22;53> Governor Reynolds feels the opposite... A spokesperson says she believes it WILL bring the practice out of the black market... and regulate in a responsible way. For more on the bill, check Advertisement Gov. Kim Reynolds approves bill to legalize sports betting in Iowa Share Shares Copy Link Copy Central Iowans will soon be able to bet on their favorite sports team in Iowa.After a session's worth of debate, Gov. Kim Reynolds signed a bill legalizing sports betting late Monday afternoon.The law allows betting on professional, collegiate and international sporting events, including fantasy sports, at casinos and online.Now that the bill is signed, it is up to the Iowa Racing and Gaming Commission to establish rules.Drake law professor Keith Miller, a gaming law expert, believes gambling rules will be complete this summer. "They certainly want to have things ready by football season," Miller said.Brad Rheins, Prairie Meadows' chief strategy officer, said officials at the casino are thrilled that Reynolds signed the bill into law.Miller said sports betting will create a lot of attention for Iowa casinos. "I think the way casinos look at it in Iowa is they may not make a lot of money off the sports betting themselves, but it brings people in the doors. He said. "They may gamble on other things. They may eat in the restaurants. "Tom Coats, director at Consumer Credit of Des Moines, said the new law could increase gambling addiction in Iowa. "That's one of the casinos' big motivations," Coats said. "Their model is dying out. It's older Iowans that want to sit on a stool for hours on end playing the slots and that's not where the younger people want to be. "Consumer Credit of Des Moines is a nonprofit focused on getting people out of debt. Coats argued that legalizing sports betting is a gateway for new gamblers -- especially young men.He fears sports betting will bring new people into the cycle of problem gaming. "I was told years ago to shut up because this is gonna generate more business for me," he said. "Even if that were true, I would not sit still and say, 'Oh, great.' It's not a good day for Iowa. "A spokesperson for Reynolds said the governor believes that legalized sports betting will bring the practice out of the black market and regulate it in a responsible way.<doc-sep>
The state of Iowa has joined the ranks of states to legalize sports betting. On Monday, Iowa Gov. Kim Reynolds put her signature on a sports betting bill that cleared the legislature last month. Reynolds took about a week to sign the bill after it was delivered to her desk on May 6. The new law authorizes sports betting for the state’s 19 casinos. The plan is to have brick-and-mortar sports wagering by the upcoming NFL season, with mobile to follow sometime after the retail books open. Iowa will allow statewide online/mobile betting, but there is an in-person registration requirement that won’t sunset until Jan. 1, 2021. Iowa considered sports betting in 2018, and there were several bills on the table this year. As opposed to going with regulation under the lottery, Iowa went with with its Racing and Gaming Commission. Iowa, a relatively small state with just 3.1 mm people, is projected to eventually have more than $4 billion in annual sports wagers. Iowa’s market might be small compared to the likes of Pennsylvania and New Jersey, but it should benefit from being able to capitalize on a lack of legal sports betting in Nebraska and Minnesota. Nebaskans already spend more than $300 mm each year at Iowa casinos. Iowa could use sports betting as much as any other gaming. Commercial casino revenue was up more than 3% nationwide in 2018, but for Iowa gaming win ($1.46 billion) was up a mere 0.3% over 2017, according to state data. Iowa latest in 2019 to legalize Reynolds’ signature comes nearly one year to the day after the U.S. Supreme Court overturned a federal sports wagering ban called the Professional and Amateur Sports Protection Act of 1992. Other states to legalize sports betting this year include Montana, Indiana, and Tennessee. There are now more than 10 states with legal sports wagering, made possible by the Supreme Court ruling. There was some concern that Reynolds might not sign the measure, given the opposition to the bill. She ultimately signed, like governors in Montana and Indiana. Tennessee’s governor will let his state’s bill become law without a signature. Prior to last summer, Nevada was the only state in the country with traditional sports wagering. Highlights of Iowa’s sports betting bill