An Iowa legislative subcommittee is meeting today to consider Senate Study Bill 3164, which is “an Act authorizing licensees authorized to conduct gambling games on an excursion boat, gambling structure, or racetrack enclosure to operate internet wagering on poker and making penalties applicable.”
The study, conducted by the Iowa Racing and Gaming Commission, reveals that $13 million to $60 million dollars a year could be raked by operators. That creates the potential to generate up to $13 million in tax revenue for the state at a tax rate of 22 percent.
Staunch critics of legalized online gaming in Iowa believe it would cause addiction to surge, though the new bill has included language to help alleviate such concerns. For example, the bill requires “for internet wagering licensees, the process shall allow players to limit the maximum amount of money that may be transferred by that player into an internet wagering account in a 24-hour period.”
The bill also explains that “Internet wagering shall be limited to wagering on poker and all of its variations,” and that the licensee must verify that players are at least 21 years old. Any existing or new gaming operation also must submit an application and meet established criteria before being allowed to conduct internet wagering.
Finally, any licensee must make the following information available upon request:
- Monthly auditable and aggregate financial statements of internet wagering transactions.
- Calculation of all fees payable to government.
- The identity of registered players.
- The balance on a registered player’s account at the start of a session of play.
- The wagers place on each game time stamped by the games server.
- The result of each game time stamped by the games server.
- The amount won or lost by a registered player.
- The balance on a registered player’s account at the end of the game.
To view the Senate Study Bill 3164 in its entirety, click here.
Iowa is now the fourth state in two years to consider an intrastate poker bill, joining Hawaii, New Jersey, and Nevada, with only the latter having adopted the bill and taken steps to make online gaming a reality.
PokerNews will have more on this story after the Iowa legislative subcommittee has finished discussing the bill.
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