DES MOINES – On Wednesday night, the Iowa Senate passed a bill that would legalize sports betting in the state of Iowa.
31 senators voted for Senate File 617, with 18 voting against it. The bill, if signed, would allow Iowans to stop gambling on the black market and gamble under state guidelines. Here are the big highlights:
1. Betting will be legal on professional, collegiate and international events
2. There will be new penalties if you gamble on the black market
3. You can place sports bets in a casino, or do fantasy sports betting
4. You will be able to place a bet online or through a mobile app
5. You must be 21 years or older
6. Sports betting money by a licensed operator will be taxed at a 6.75 percent rate every year
7. The bill would take effect immediately if it is signed by the governor
8. A commission will oversee the implementation of the program, as well as regulate licensees
The bill now has to be debated by the Iowa House before it goes to the governor.