Sports betting passes Iowa House, goes to Governor Reynolds
The Iowa House has passed a bill that legalizes for the first time in Iowa betting on sporting events and fantasy sports.
It passed 67-31 on Monday night. The Senate gave its approval last week and the bill now goes to Gov. Kim Reynolds who has said she'll await the final version of bill to decide whether she'll sign it.
The bill authorizes the Iowa Racing and Gaming Commission to establish rules for betting on professional, collegiate and international sporting events, including motor racing.
It 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.
The Senate approved the bill Wednesday 31-18 with no debate. Twelve Republicans and six Democrats voted against it.
States began legalizing sports gambling last year after the U.S. Supreme Court ended Nevada's monopoly.