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Iowa sports betting: What new, experienced gamblers need to know

Bettor up, Iowa.

Legal sports wagering is here in the Hawkeye State.

Iowa Gov. Kim Reynolds has signed legislation passed in late April to allow betting on select college, professional and fantasy sports games through Iowa's 19 casinos and other licensed national services starting before the fall football seasons.

The Iowa Racing and Commission approved rules that include a start date of Aug. 15 at noon for casinos to take bets, although some casinos may choose to begin their sportsbook operations at a later date.

The state will collect 6.75% in taxes on whatever is left over once bets have been settled.