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Sports Betting101: What Iowa stands to gain from legal sports betting market

News-Herald Guest View

February 5, 2019
From: The American Gaming Association , Toledo Chronicle, Tama News-Herald

With Iowa's 2019 legislative session in full swing, many policymakers have sports betting on their minds. Since the Supreme Court struck down the failed federal ban in May 2018, seven new states created and implemented legal sports betting markets. In the coming months, Iowa could potentially join their ranks.

Below is a brief 101 on legal sports betting - including the economics behind the low-margin business and the best practices to set up a safe, legal market.

Here's what legal sports betting markets can do:

Protect consumers, athletes and fans by providing a safe, regulated alternative to the dangerous illegal sports betting market; and

Positively impact state and local economies through job creation and overall economic impact.

Already, the gaming industry is a crucial economic driver in Iowa. The most recent data shows gaming supports 17,420 jobs, contributes $779.2 million to the state and local governments, and has an overall $2.8 billion economic impact. The potential benefits of introducing legal, regulated sports betting in Iowa have been well documented. A study from Oxford Economics found that if sports betting was conveniently available in Iowa with a base tax rate, the Hawkeye State could:

Add 2,956 jobs; and

Add $41.5 million to state and local tax revenue.

 
 

 

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