The state of Iowa is on track to launch regulated sports wagering on Thursday.
Iowa was the third US state to legalize sports betting this year when Gov. Kim Reynolds assented to SF 617 on May 13. The Act authorizes the state’s casinos to operate retail and mobile sportsbooks under the regulation of the Iowa Racing and Gaming Commission.
There are 19 casinos in the jurisdiction, and 18 have already been cleared by the Commission to offer regulated wagering.
As the big day approaches, more than six licensed operators have confirmed that they will open on the first day. The rest are expected to launch later this month, or in early September.
Operations will kick off at noon CT.
Lakeside Casino To Launch Sportsbook On Opening Day
Lakeside Hotel and Casino in Osceola has announced that it will open the doors of its William Hill sportsbook on Thursday.
The property will host a grand opening ceremony that will be graced by several public figures. WWII veteran Joseph Reynolds will place the first bet at exactly noon.
The vice president and general manager of Lakeside Casino, David Monroe, has promised that Iowa bettors will enjoy the highest quality of customer service and entertainment at the new sportsbook.
The sportsbook sits on the casino’s lower level, and it will feature 14 65-inch 4K LCD televisions and two 86-inch 4K UHD viewing monitors.
Besides the physical wagering facility, the casino is expected to launch a mobile app on the same day. However, bettors will be required to visit the property to register an online account, as per the state’s law. In-person registration will continue until Jan. 1, 2021.
Lakeside Casino has announced that it will welcome all new customers with a “Bet $50, Get $50” sign-up offer. Also, all newly registered accounts will be entered into a draw, and one lucky customer will win a $10,000 dream holiday to a sporting event of their choice within the country.
Another William Hill sportsbook is set to launch on the same day at Prairie Meadows in Altoona. Penn National Gaming is also expected to begin operations at the Ameristar Casino in Council Bluffs.
How Will Iowa Sports Betting Look?
The Hawkeye State is one of the few jurisdictions that has passed a law that allows for the regulation of both sports betting and DFS. The state legislature approved the bill in April, and the Governor signed it into law on May 13.
Under the Iowa sports betting law, the 19 commercial casinos can offer both on-site and online wagering services to residents of the states who are 21 years or older. However, registration for mobile apps will be done at the land-based sportsbooks until Jan. 1, 2021.
The license application fee is $45,000, renewable every year for $10,000. Each casino can operate up to two sportsbooks under a single license. With regards to taxes, operators will remit 6.75 percent of their adjusted gross revenue to the Commission, and the money will go to the general fund and sports wagering receipts fund.
When the market rolls out, Iowa bettors will be able to place wagers on professional and collegiate sports, but prop betting will not be available for college tournaments.