Iowa is a very liberal state when it comes to online and offline gambling. Well, okay — the online scene still needs improvement. Offline, however, Iowans can enjoy gambling in commercial, Tribal, and riverboat casinos. The state allows pari-mutuel betting, and it also recently legalized online sports betting. Plus, the residents and visitors of the Hawkeye State can enjoy lotteries and charitable gambling. Bingo is operated on a commercial basis.
Speaking of the latter, the state does not tax organizations that made revenues from charitable gambling. Instead, a tiered system of licensing is in place. The fee for holding such games depends on the types of games played, as well as on the number of days the event lasts, and the season when it takes place.
A resident of Iowa must be 21 to gamble, and this also includes buying tickets, although many other states allow their residents to be 18 to participate in the lotteries. Iowa chooses a tiered approach to taxing the revenues generated from gambling. The tax ranges from 5% to 22% for riverboat casinos and may reach up to 24% for racetracks with slots and table games that make more than $100 million per year.
Individuals may own slot machines in their homes but only if those machines were generated at least 25 years ago.
