Sports Betting in Indiana Has Finally Arrived
Indiana Governor Eric Holcomb has officially signed a bill to legalize mobile sports betting in the state. It’s a huge moment for the gambling industry here, which competes with a number of nearby states. With Holcomb’s signature, sports betting in Indiana is now legal.
There are, however, a few remaining steps before mobile sports betting will be up and running here. Today, we’re going to take a close look at the details of this sports betting bill. We will also discuss what it means for the state moving forward. Let’s get into it!
Steps Toward Legal Sports Betting in Indiana
Lawmakers in Indiana have taken a liberal stance towards gambling over the years. Back in 1993, the state began allowing riverboat casinos to operate. In 2006, they passed a bill to allow a land-based casino complex to begin offering games of chance.
This state didn’t have the opportunity to begin expanding its sports betting operations until recently. Back in May of 2018, the US Supreme Court ruled against PASPA, giving individual states the ability to set their own laws on sports betting. Within months, officials here began expressing their desire to open up this popular market.
House Bill 1015 was presented earlier this year. Back in April, it passed in both the House and State Senate. It was then presented to Governor Holcomb, who signed the bill into law this week.
Indiana is now the tenth state to legalize sports betting. It’s an extremely exciting time for sports fans here. This bill also includes some major changes to the state’s casino industry, and not everyone is happy about it.
Controversy Over New Casino Changes
One of the most noteworthy points of Bill 1015 allows for Spectacle Entertainment to move their casinos, located in Gary, to a more profitable area of the city. It’s the first time in history that a casino has been granted permission to move locations. Some critics feel there’s a conflict of interest at play.
Back in July and November of 2018, Spectacle Entertainment spent thousands to bring Governor Holcomb to a meeting. The Governor is now allowing Spectacle to move their location to a more heavily traveled area for a $20 million fee.
Whether or not there is a direct conflict of interest is up for debate. Spectacle and other casino operators in the state will soon compete for a license to operate a new casino in Terre Haute. If Spectacle earns that license, they will become the largest gaming company in Indiana.
Fortunately, most politicians here are on-board with legalized sports betting. It will almost certainly earn the state millions in additional revenue each month. The regulations over sports betting in Indiana are similar to what we have seen in a number of other states over the past year.
Indiana’s New Laws on Sports Betting, Explained
Many states have debated the pros and cons of legalized online gaming. States that only allow sports betting within casinos fail to see major profit earnings. There’s no doubt that online sports betting in the US continues to grow every month.
Lawmakers in Indiana seem to recognize this. Mobile sports betting will now be available within the state borders.
“Gaming is a highly regulated industry that once had little competition, but now does from surrounding states and new technology,” said Governor Holcomb. “By modernizing our laws, this legislation will spur positive economic growth for our state and for an industry that employs over 11,000 Hoosiers. Additionally, it will bring in new revenue and create hundreds of new jobs – both permanent and in construction.”
The Indiana Gaming Commission will begin taking applications for sports betting operators in July of 2019. These companies must pay a $100,000 application fee. Casinos are responsible for providing the sports betting operations throughout the state.
Sports betting companies face a 9.5% tax rate. They are free to offer betting odds on college games. Profits earned through sports betting will go towards Indiana’s General Fund.
Are you happy to see legalized sports betting in Indiana? How much money will the state earn from this market? Let us know what you think in the comment section below!
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