As I write this we are in the midst of March Madness –potentially
my favorite March holiday. And if you are anything like me, you probably filled
out a bracket and probably threw down a little bit of cash to makes things
interesting. What you probably didn’t know is that each states has various
rules and regulations for sports betting and in certain jurisdictions, you can
even legally gamble!
Since I write this from Iowa, I thought I would take the
time to share with you what some of the highlights to Iowa’s laws are for March Madness pools.
1.
In a beer and liquor establishment gambling by
way of filling in NCAA Basketball Tournament brackets is not allowed.
a. Sports
Betting Pools are allowed for individual games of the tournament, but must
follow the Sports Betting Pool guidelines.
b. Winnings
from the pool cannot exceed $500.
2.
All other locations including offices and other
businesses —in all locations other than Beer & Liquor Establishments
gambling on NCAA Basketball Tournament brackets is allowed as long as all rules
and regulations are adhered to.
a. No
participant wins or loses more than a total of $50 in one or more games at any
time during any period of 24 consecutive hours.
b. All
ages can participate.
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