The Iowa General Assembly filed a bill this Monday to legalize online casino gambling and expand the gaming market. The land-based casino industry currently supports 17420 jobs and has an economic impact of $2.8B across 23 commercial and tribal properties.
Iowa Gives Online Casinos Another Chance
Iowa has already had experience with mobile betting. It is now available statewide. However, the state might be looking to adopt additional legislation through HSB 227 filed in Congress by Rep. Bobby Kauffman. The bill seems to be focused on commercial operations. It suggests that each person may have up two online casinos skins. The bill could allow for up to 38 online casinos, if it passes.
The bill would like to see online gaming grow further. A third skin option will be left for the Iowa Racing and Gaming Commission. The IRGC would also oversee the establishment of the regulatory framework for iGaming operations.
These numbers suggest that Iowa could be the largest state for online casino properties. This may cause a rapid increase in oversaturation since the state has a population of 3.37 million. Kauffman is positive that his legislation will be a success.
Iowa already has awareness of the matter
A similar proposal he previously worked on – HSB604 – was dragged through last years session, but never got to a vote. Kauffman is confident that the bill was effective and has helped to raise awareness about the issue. Kauffman’s new pitch is very similar to that of the 2022 bill.
The proposed initial license is $45,000. This fee corresponds to the current fee charged by online sports betting operators. There is also a $10,000 renewal fee. The tax rate for sports betting revenue is 6.75%. However, the majority of states have decided to tax iGaming operations at a higher rate.