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This week Iowa's House voted in approval of a sportsbetting bill that would legalize the activity in the Hawkeye State. Now that bill heads to Governor Kim Reynolds' desk to be signed into law.
The House voted in approval of the bill with a 67-31 margin, and it had previously been approved of by the Senate with a 31-18 spread. The bill must be signed into law by May 3rd, when the current legislative session ends. Under the verbiage of the bill, sportsbetting would be legal within Iowa's borders, and would also allow for mobile and online wagers to be placed.
Operators seeking a gaming license will have to put up a $45,000 licensing fee, and will be taxed at a rate of 6.75% on net sports-wagering receipts. The market would be set up by the Iowa Racing and Gaming Commission, and wagers wouldn't be allowed for collegiate teams based in the state.
We're following this story and we'll let readers know whether the governor signs the bill into law or vetoes the measure.