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Most of the known transiting exoplanets are in short-period orbits, largely due to the bias inherent in detecting planets through the transit technique. However, the eccentricity distribution of the known radial velocity planets results in many of those planets having a non-negligible transit probability. One such case is the massive planet orbiting the giant star iota Draconis, a situation where both the orientation of the planet's eccentric orbit and the size of the host star inflate the transit probability to a much higher value than for a typical hot Jupiter. Here we present a revised fit of the radial velocity data with new measurements and a photometric analysis of the stellar variability. We provide a revised transit probability, an improved transit ephemeris, and discuss the prospects for observing a transit of this planet from both ground and space.