United States — Iowa
Iowa Code § 99E.1 - Definitions
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This section defines key terms used in the chapter for internet fantasy sports contests.
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23,951 statutes · page 1,195 of 1,198
United States — Iowa
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This section defines key terms used in the chapter for internet fantasy sports contests.
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A person who willfully fails to comply with this chapter or rules adopted under chapter 17A may owe a civil penalty.
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Internet fantasy sports contests are legal when run by a licensed service provider under this chapter.
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The commission has broad power to supervise, license, investigate, penalize, and otherwise enforce rules for internet fantasy sports contests and their service providers.
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An applicant for an internet fantasy sports license must file and sign the required application, provide requested information and fingerprints, and may face denial and criminal penalties if false statements are made.
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The commission may issue a license for internet fantasy sports contests if the applicant complies with the chapter’s requirements and pays the initial fee. Licensed providers must follow operating rules, pay annual and regulatory fees, and avoid certain player and employee participation and payment practices.
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An internet fantasy sports contest service provider must pay a tax on adjusted revenues at 6.75% for contests authorized under this chapter.
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People under 21 must not enter an internet fantasy sports contest.
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Licensees and related service providers must keep records, provide reports to the commission, promptly report certain integrity or criminal matters, and some records must be kept confidential.
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The licensee must send the commission an audit of its internet fantasy sports contest operations within 180 days after its fiscal year ends.
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This section defines key gambling and sports-wagering terms used in the chapter.
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This provision sets gambling-related fees and taxes, allows limited city or county admission fees, requires certain reports from the division of criminal investigation, and imposes an initial license fee schedule for new licenses.
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This provision sets tax rates on gambling-game adjusted gross receipts and sports wagering net receipts, and requires the licensee or licensed operator to pay the tax to the state treasurer on time.
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Licensees must keep detailed books and records, report required information to the commission, and certain sports-wagering-related licensees must promptly report suspicious or disciplinary matters.
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The licensee must send the commission an annual audit within 90 days after the fiscal year ends, and the audit must cover total gambling operations and itemize expenses and subsidies.
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The commission must file an annual report with the governor each year.
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This provision lists gambling-related acts that are crimes, including unlicensed operation, cheating, unlawful betting, and certain improper exchanges by a licensee.
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Certain property used for gambling-related bribes or chapter violations can be forfeited to Iowa.
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Manufacturers and distributors of gambling games or implements must apply for a license each year, pay the required fee, and give the commission requested information and shipping notices.
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Licensed manufacturers or distributors must deliver gambling games or implements to a commission-approved location for inspection before operation; after inspection and approval, they may be used on an excursion gambling boat.