Iowa Legislative Subcommittee Considering Online Poker Bill Today

The state of Iowa is currently in the process of considering a bill that would authorize online poker in the state.  Entitled Senate Study Bill 3164, the bill sets out specific guidelines for licensees to run online poker sites within the state.  According to reports, an Iowa legislative subcommittee will meet sometime today to discuss the bill.

From the language of the bill, only Iowa casinos and racetracks will have the ability to offer online poker.

Some of the guidelines that the bill establishes are as follows:

• Licensees may run only one poker sites.
• Gross receipts and adjusted gross receipts from internet wagering will be separately handled and accounted for
• Online poker sites must be able to provide all gaming and wagering data that has occurred on the site when requested by the commission
• Sites must track each individual bet as well as player account balances at the start and end of each session.
• Sites must also track the amount that a player has won or lost on the site

An interesting note on page 4 of the bill states that “An internet wager may be placed from any location within this state or from any other location authorized by law, subject to the requirements adopted by the commission.  From this, one wonders if this will open the door for intrastate poker in the state or will give the commission the power to offer it.

Per the study done by the Iowa Racing and Gaming Commission, revenue estimates from online poker range from $13 to $60 Million a year by operators and as much as $13 Million for the state.  That is factoring the state tax rate of 22 percent.  These numbers are for intrastate poker and do not include any potential interstate poker numbers.

The full bill can be read here.  We will update you on this story once details are presented.