Bill SF 617 was approved by Governor of Iowa Kim Reynolds, turning the state into a sports-betting friendly territory. The new law introduces certain parameters, such as the tax on revenue generated by sports betting activities which will be set at 6.75%. The cost to acquire a license from the state will be $45,000 and a renewal fee of $10,000 afterwards.
Sports betting on college games will also be provided, however when it comes to prop bets on college games involving teams within the state, there will be prohibitions. In-person registration for mobile apps will be required until January 2021. The 19 Iowa-based casinos will be able to provide sports betting as well, with the approval of the new bill. New alliances have already taken place as a part of the legislative developments. William Hill has teamed up with Prairie Meadows, whereas Pointsbet and Catfish Bend have also joined forces.
Other partnerships include the one between DraftKing and Caesars, where another one is the one between FanDuel and Boyd Gaming. Sara Slane, Executive of the American Gaming Association referred to the latest state developments as being highly promising, with a decent tax on revenue and a set of regulations that promote responsible gambling and player protection.