Just in time for the beginning of football season, the Iowa Racing and Gaming Commission unanimously approved Thursday, August 15th (starting at noon) as the start date for legal sports gambling in Iowa.

In April, Iowa Governor Kim Reynolds, signed a bill allowing betting on select college, professional and fantasy sports games through Iowa's 19 casinos and other licensed national services. Make no mistake, there something in it for the state. As the state will be "taking their juice", collecting 6.75% in taxes on whatever is left over once bets have been settled.

If you're 21 and older, you can place your bets at any of the 19 Iowa casinos that offer a "sportsbook", including the Isle Casino in Waterloo. (no more messing around with "shady" off-shore on-line betting websites!) This is not only great news for sports fans that like to bet on the outcome of games...but also for fantasy sports players as well. This coming season, "Commissioners" of fantasy football leagues won't have to worry about sites like ESPN or Yahoo "looking the other way" while you take your entry fees "under the table".

You can bet on American professional and college sporting events, you name it...the NFL, MLB, NBA, NHL, Nascar and more...however you will not be able to bet on high school, minor league and amateur sports...you'll still have to see your "local" bookie for that! Also, in-game "proposition bets" involving college players either on Iowa teams or teams competing against Iowa schools are prohibited. However, professional "prop bets" will be legal.

So, it's time to "brush up" on all the terms that go along with betting...money line, point spreads, over/unders, futures...and get ready for some fun this fall!

If you're wondering Iowa fans, the Hawkeyes are 21.5 point favorites to beat Miami (OH)...I would take that bet...just sayin'!

Credit - Des Moines Register