Two states have made big moves recently when it comes to gambling and sports. Iowa has approved a bill in the state Senate, which will now send it over the House for further approval. Over in the tough scene of Colorado, lawmaker have finally submitted a bill after discussing it for weeks. Here’s the latest news for each state!
Iowa has their eyes clearly set on legalizing sports gambling with their recent approval of a sports betting bill within the Senate. It was approved by a vote of 31-18 this past Wednesday, and will be voted on in state’s House as early as next week.
The bill would allow the Gaming and Racing Commission of Iowa to create rules regarding sports betting. This group is also responsible for regulating casinos, making them a natural selection to oversee sports betting rules.
The approved bill does come with a few stipulations, including the mandate that bettors be 21 years of age and older and Iowa collegiate and minor level games are off-limits. On top of that, contests for fantasy sports are permitted, but those involving college games (outside Iowa) are delayed for another year.
Ultimately, the bill has just a 6.75% tax rate, a noticeable decrease from the usual 10% proposed by other states. Either way, the legalization of sports betting will generate millions in revenue for the state.
The bill’s fate still rests in the hands of the House, but it certainly is a good sign that the Senate has given their approval already.
Colorado lawmakers have been postulating and dancing around the idea of drafting a sports bill for weeks, but on Thursday they finally submitted one. The bill will be put to a vote in November, with a proposed 10% tax rate on all gambling revenue earned.
This can earn the state upwards of $10 million per year, even though the state has a very limited gambling scene. Colorado has several professional and collegiate sports teams, like the Broncos, Rockies, and Nuggets, making them an excellent state to legalize sports betting.
The main issue for the proposed bill is still timing. It must be approved by May 3rd, the end of the legislative session, to be sent to a vote in November.
There is no indication whether or not the state is interested in the new bill, but a submission of one is a great sign for a state quite cold to the idea of expanding gambling. Fortunately for Colorado, they have two weeks to decide what they want to do with the bill.