Iowans are checking their brackets as March Madness reaches its peak with the Final Four pairings. As the college basketball season concludes, there’s plenty of friendly betting going on across the state, but is it legal?
Geoff Greenwood, spokesman for the Iowa Attorney General, says there are regulations covering the office pool.
Greenwood says, “We want to make sure that people know that they’re okay to do this, but it’s not a business and it’s not a sports betting operation.” If it’s an establishment like a bar that’s sponsoring a pool, no one’s total winnings can be over 500 dollars and the bar can’t make money. For more intimate groups, the prizes have to be considerably smaller.
Greenwood says, “If you have an office pool, for example, it’s okay to do it but there are some rules and that includes that the winner can’t lose — or win — more than $50.” Even the Iowa Attorney General’s office has a betting pool which he says is conducted in strict compliance with Iowa Law.
In mens’ hoops, the Final Four teams will face-off Saturday as Louisville meets Wichita State and it’s Michigan versus Syracuse. Greenwood made his comments on the Iowa Public Radio program, “River to River.”