Vote Smart's Synopsis:

Vote to pass a bill that authorizes internet wagering within the state.

Highlights:

• Defines “internet wagering” as a method of gambling in which a person establishes an account, deposits money into the account, and uses the account balance for gambling (Sec. 1).

• Establishes a process for players to voluntarily limit the maximum amount of money they can transfer into their internet wagering account within a 24 hour period (Sec. 4).

• Requires the state racing and gaming commission to establish procedures governing internet poker, including but not limited to security and technology standards (Sec. 5).

• Limits internet wagering to all variations of poker (Sec. 6).

• Limits internet wagering to persons who have registered and have verified they are at least 21 years old and are authorized to engage in internet wagering in the state of Iowa (Sec. 6).

• Requires the licensing commission to determine if an internet wagering service provider has accepted any wagers or other consideration related to internet wagering in violation of any laws (Sec. 8). 

• Authorizes internet wagering licensees to accept wagers from within the state of Iowa or “any other location where authorized by law” (Sec. 10).

• Requires internet wagering licensee to provide the following information to the commission upon request (Sec. 12):
• Monthly auditable and aggregate financial statements;
• Calculation of all fees payable to the government; and
• Identity of all registered players and their account balances before and after games.

Full Bill Text