Industry Reports

Iowa Eyes Sports Betting Legalization, Pending U.S. Supreme Court’s Decision

The fight for the legalization of sports betting in Iowa got a well-needed shot in the arm after the American politician and a candidate for the Iowa gubernatorial election Ron Corbett has thrown his support for the legalization of sports betting. On Wednesday last week, Mr. Corbett officially announced his stance on the matter that sports betting legalization is to bring fresh money to the state’s coffers and stir economic activity. This gave more bang to the idea of sports betting legalization across Iowa.

Iowa seems to wake up from its slumber after realizing that the state can bring an additional revenue source, supposing that it adopts a more liberal approach to the gambling industry if the U.S. Supreme Court allows to. Currently, sports betting is legal only in four states, including Nevada, Oregon, Delaware and Montana. The Professional and Amateur Sports Protection Act (PASPA) is why sports betting in most of the US states is prohibited.

However, it is not a secret that sports betting, together with online fantasy sports betting (which is also illegal in Iowa) are rapidly-growing gambling facets, which could support the cash-strapped states. New Jersey has invested frantic efforts and tons of money in legal wrangling in an attempt to convince the court that PASPA should be revoked. After years of legal fights, the Supreme Court agreed to take up New Jersey’s sports betting case and consider lifting the ban.

Sports Betting Gains Support in Iowa

Many states pricked up their ears, waiting for the court’s final decision. Iowa also joined the pack of states that eye sports betting legalization. Proponents of the sports betting legalization explained that the industry is not just a short-term supply, as more and more Americans gamble illegally on U.S. sports events. Earlier this year, a non-profit organization that supports the casinos in Iowa announced that it is to lay out plans to draft legislation, supposing that the U.S. Supreme Court rules out in favor of the sports betting legalization.

Last week, Republican gubernatorial candidate Ron Corbett stated that he supports the legalization of sports betting across the state’s borders. He elaborated that sports betting should be managed via Iowa Lottery online apps, as this way is to provide the best economic benefits to the state.

Mr. Corbett did not exclude the opportunity for the land-based casinos to offer this type of gambling service. According to Mr. Corbett’s prognosis, the state can reap approximately $13 million annually, supposing that the sports betting is offered at licensed land-based casinos. He explained that if the gambling service is offered via Iowa Lottery online apps, that can bring nearly $24 million annually to the state. The whole gambling community is America is impatiently expecting the court’s decision.