The US sports betting market continues to grow. This week, UK-based gambling company Betfred has agreed to begin offering sports betting in Iowa. This company will officially take over the sportsbooks for Elite Casino Resorts, which operates three gambling venues around the state.
It’s a great development for this state. Today, our team is going to take a look at when Iowa will officially begin taking sports wagers. We’ll also talk about why Betfred is deciding to operate here. Let’s get into it!
Iowa Legalizes Sports Betting
Back in May of 2018, the US Supreme Court shocked the gambling world by striking down PASPA. Before this, only Nevada could provide legal sports wagers. With PASPA now gone, every state can choose to legalize and regulate this popular industry.
Unsurprisingly, many already have! 10 states have already legalized their sports betting markets. Most of them are already profiting massively. New Jersey, for example, is earning millions every single month from its sports betting operations.
Back in May of this year, Iowa Governor Kim Reynolds signed a sports betting bill into law. It sets a legal framework for sports betting companies to offer their services. These companies must by a $45,000 licensing fee before any wagers can be offered.
Sports betting revenue is taxed at 6.25%. Interestingly, this bill also allows for mobile and online sportsbooks in Iowa to begin operating. A number of companies are already beginning to work their way into Iowa’s sports gambling market.
Betfred Signs Deal to Offer Sports Betting in Iowa Casinos
Until very recently, no one knew which sports betting companies would operate in Iowa. This week, one of the biggest gambling companies in Europe announced they are heading to this state. Betfred, a bookmaker based in the United Kingdom, officially signed a deal with Elite Casino Resorts.
Betfred launched back in 1967 as a single sports betting shop. Today, this company operates more than 1,650 shops and one of the most successful online sportsbooks in the UK. This company is now making its way into the US market.
After approval from the Iowa Racing and Gaming Commission, Betfred will begin to offer land-based, online, and mobile betting services for Elite Casino Resorts. This decision comes just a month after the IRGC gave Elite Resorts permission to begin offering sports wagers.
Starting out, Betfred will only offer land-based sports betting services in the Grand Falls Casino & Resort located just minutes from Sioux Falls. Over time, this company will begin expanding into Elite Casino’s other gambling venues.
Dan Kehl, CEO of Elite Casino Resorts, commented on the new deal with Betfred to the media this week.
“We are excited to offer our guests another world-class product. With Betfred, Grand Falls Casino and Resort will be the best place in Iowa for sports betting at our casino and on a safe and secure platform,” he said.
Other Sports Betting Options in Iowa
It’s exciting to see Betfred offering sports betting in Iowa casinos. This isn’t the only company that provides sports wagering options here, though. There are many internet sports betting websites here that offer thousands of different odds every single day. One of the best online sportsbooks available to Iowa bettors is Bovada sportsbook.
This site launched more than a decade ago. It’s well-known for providing thousands of sporting odds every single day. Members of this site will find lines on the NFL, MLB, NBA, and more. Bovada also utilizes one of the easiest and safest payment systems of any internet sports betting website today.
It makes sense for Betfred to enter the Iowa betting market. This state is home to some of the most passionate sports fans in the country. Our team of betting experts has noticed a growing number of sports bettors here over the past several months.
Betfred has not commented on when its online platform will officially launch. Analysts predict it will be in the next two months. This company is actively negotiating to expand to 30 more states with pending sports betting legislation.
Sports betting in Iowa casinos is just around the corner. Make sure to stay tuned for updates on when this state’s internet sports gambling options become available!