Iowa may become the first state in the US that will allow their residents the right to do what they are already doing, to gamble online at a casino. With an estimated 50,000 Iowans betting online, lawmakers are seeking apiece of the revenue for the state.
The online gambling issue is a debate that is taking place at a federal level, but individual states may beat the federal government to law changes. Iowa Representative Doug Struyk is among a group that is working on gathering facts on the issue.
If approved, Internet gambling in Iowa could bring the state an estimated $11.5 million a year in tax revenue. With the economy limiting the state budget, that is $11.5 million that some legislators believe could be put to good use.
Unlike the current system where online players deposit money directly into playing accounts at online websites, Iowa residents would have to deposit the money at local casinos. After depositing the funds, the player would then be authorized to gamble at an online casino.
If a player wins, they would have to then return to the casino to collect their money. If they lose, again they would have to deposit money at the casino before being allowed to play again.
Another stipulation under the plan being discussed would call for the betting to take place only from an Iowa Internet address. The minimum deposit to play would be $50, and the maximum $500. The only game that could be played online under this plan would be poker.
Several states are considering similar proposals that would legalize online gambling. California, Florida, and New Jersey all have lawmakers pushing for some form of legalized Internet betting.
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