HSB 124

4(22), concerning persons voluntarily excluded from wagering or gaming areas, are amended to include the sports betting wagering area.3, concerning authorized wagering under Code chapter 99F, is amended to authorize wagering on sports betting. _____ in a sports betting wagering area on an excursion gambling boat which is also licensed to serve alcoholic beverages, grants the racing and gaming commission the authority to adopt standards under which sports betting is conducted, and provides that all revenue received by the commission from license fees and regulatory fees for sports betting shall be deposited in the general fund of the state.7A provides specific requirements relative to the licensing and operation of sports betting. The bill provides that the commission shall issue a license to conduct or operate sports betting to the Iowa horsemen’s benevolent and protective association upon application to the commission. The bill authorizes the licensee to conduct advanced deposit sports betting wagering as authorized by the bill and, pursuant to an agreement with a licensee authorized to conduct gambling games under Code chapter 99F, sports betting in an area designated as a sports betting wagering area by that facility.1.7(5). The bill defines “sports betting net proceeds” as sports betting adjusted gross receipts less taxes paid and expenses incurred by the licensee in conducting sports betting. _____ individuals from sports betting under Code chapter 99F.8, concerning licensee bonding requirements, is amended to make such requirements applicable to sports betting and a sports betting licensee.7A to conduct advance deposit sports betting wagering. The bill would allow for an advance deposit wager to be placed in person at a licensed facility authorized to conduct gambling games or from any other location by telephone or other electronic means. The bill defines “advance deposit sports betting wagering” as a form of wagering where an eligible individual creates an account with a sports betting licensee, deposits money into that account, and can use the balance within the account for sports betting wagering. The bill defines an “eligible individual” for purposes of advance deposit sports betting wagering as an individual 21 years of age or older who is located within this state. The bill provides that an unlicensed person taking sports betting wagers from Iowa residents is guilty of a class “D” felony, punishable by confinement for no more than five years and a fine of at least $750 but not more than $7,500. The Code section is also amended to provide that a person under the age of 21 shall not make or attempt to make a wager by advance deposit sports betting wagering.11, concerning the wagering tax, is amended. The bill provides that the wagering tax on sports betting net receipts received each fiscal year by a sports betting licensee from sports betting at the rate of six and three-quarters percent.57, subsection 5. _____ prohibitions on cheating at a gambling game, claiming anything of value from a gambling game with intent to defraud, and knowingly enticing a person to go where a gambling game is conducted in violation of Code chapter 99F also applies to sports betting.