Iowa Could Reap $80Mil from Online Poker Legislation
Written by Roger S | Sunday, February 21st, 2010
Iowan legislators have changed gear in their drive to approve poker tournaments in the state, and industry experts estimate that the gambling bill could generate around $80 million in revenue for the benefit of the state.
According to Rep. Brian Quirk, around 80,000 Iowans play at online poker sites already, and the bill will provide them with a safe environment, at the same time encouraging others to try the game online with confidence.
The new bill will allow state residents to play poker at live tournaments online.
The legal side of the bill is something that seems to concern many of the lawmakers who are pushing for its approval. Besides Quirk who believes that unregulated online poker is “fraught with fraud and a lot of risk”, Rep. Dough Struyk also believes that this is a matter that should be taken seriously.
“Right now what’s going on is illegal, offshore and very risky for Iowans,” said Struyk.
The new bill is reasonably straight forward and would provide an online poker solution to Iowans seeking the convenience of wagering online in a regulated environment.
Players would essentially be allowed to deposit cash (only) into an account at one of the 17 casinos dotted across Iowa and would then be given access to an online casino account – allowing them to play against fellow state residents on the internet.
Besides the desire to provide a safe online poker landscape for Iowans, the lawmakers also have their eye on the monetary gain of the venture.
Quirk believes that it would “generate a substantial amount of tax revenues for the state.”
It’s all system’s go as lawmakers have started asking for feedback from poker groups and casinos who will be interested in entering a legalized and regulated market.
“If we don’t have a rough idea of what kind of revenue they’re going to bring it makes it very difficult for us to negotiate with our colleagues as far as why we want to go down this path,” said Struyk.
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· Written by Roger S · Filed Under Poker Gossip · Comments Off
