Iowa casino moratorium signed

The Iowa Racing and Gaming Commission will be barred from issuing any new gaming licenses for at least two years after a new bill was signed into law by Governor Kim Reynolds late last week.

The bill known as House File 2497 primarily dealt with regulatory issues, including cashless wagering. However, lawmakers also added to the bill a prohibition against new gaming licenses and venues that will last until at least July 1, 2024.

AD: Play online casino games and find the best site for your style of play

Now that House File 2497 has been signed into law the Racing and Gaming Commission cannot approve any new casino license in the state until July, 2024. There are a few exceptions, one of which would allow the Commission to grant permission for an operating casino to relocate to a new site within the same county.

The Commission can also approve the sale of a casino license from one company to another as long as the casino does not move, and they can open a competitive bidding process for a vacant gaming license if a casino were to close and surrender its license.

The two-year moratorium received support from members of the Iowa casino industry. The state’s 19 commercial casinos banded together to support the legislation arguing that a stable and controlled market in Iowa was necessary due to hardships brought on by the pandemic and the construction on new casinos in neighboring Nebraska.

House File 2497 also legalizes the use of cashless payments in state casinos. It eliminates the need for bettors to have cash when playing slot machines, table games, or placing sports bets. Iowa casinos can offer patrons digital wallets that can be fully funded online. Iowa is the fourth state to allow cashless betting in casinos, joining Nevada, Pennsylvania, and Ohio.