Indiana Is Taking The Gamble On Sports Betting

Michael Molter — Thu, 25 Apr 2019 15:18:39 +0000

Mobile and retail sportsbooks would be permitted in the state.
Table games will be allowed in racinos starting in 2020.
Indiana joins Montana and Iowa, who are waiting for their governor’s signature.

INDIANAPOLIS – Approved by both the House and the Senate on Wednesday, the bill that would legalize sports betting in Indiana is only one signature away from becoming law.

HB 1015 is in transit to Governor Eric Holcomb’s office, where he will have one week to decide the state’s fate.

Amended multiple times, the inclusion of mobile wagering would allow Indiana sports bettors to place bets from anywhere within the state. Similar to New Jersey, both tourists and citizens of the Hoosier State would be able to create an account on the platforms.

Players would also have the option to visit one of the many riverboat casinos, racinos, and OTB locations, who can be licensed by the Indiana Gaming Commission (IGC) to legal offer sports wagering for an initial fee of $100,000. License renewals are 50% of the initial fee and must be paid yearly, along with a monthly 9.5% tax on the adjusted gross revenue.

Though college athletics would be safe to bet on, any high school athletics or esports are prohibited through the bill’s text. In play betting will also be given restrictions and guidelines that is solely up to the IGC.

The reason for the bill coming down to the wire was based on a few last minute agreements. Not only does HB 1015 permit sports betting, but it also authorizes the movement and addition of casinos in the state.

With the fear that existing casinos would feel the impact financially from the newly located gambling facilities, an agreement was reached by legislators to have payments granted to four cities.

Other parts of the bill included table games being permitted at horse tracks sooner than originally scheduled. Now 18 months sooner, the tracks will be able to brandish live dealers by the beginning of 2020.

Seven states have launched licensed sportsbooks since the repeal of PASPA nearly a year ago and Indiana could be the ninth state in the country with a legal sports betting industry, with the inclusion of Nevada.

Elsewhere around the country, Montana and Iowa have also approved measures and are awaiting a governor’s signature. New York and Arkansas are in the middle of finalizing the launch of their industry and many other states still continue to raise discussions.

It is expected that Indiana, Montana, and Iowa will become the next set of states to join the trend, making sports betting legal in over a quarter of the country.

The post Indiana Is Taking The Gamble On Sports Betting first appeared on SportsBettingInIndiana.com.

Will Sports Betting In Indiana Be Ready To Go By September?

Michael Molter — Thu, 18 Apr 2019 17:25:37 +0000

SB552 would permit land-based sports betting at Indiana casinos.
The bill is expected to be approved by the Senate next week.
Indiana legislature is set to adjourn at the end of the month.

INDIANAPOLIS – As the Indiana legislative session inches closer towards the April 29 adjournment date, legislators seem focused on making legal sports betting enacted this year.

Though a recent amendment moved back the launch date from July 1 to September 1, it can only be assumed that amending the launch date means the lawmakers are close to making it happen.

IN SB552 was approved in the Senate’s Ways and Means Committee on Tuesday by a vote of 17-6 and now makes its way to the Senate Floor for approval. Upon passage, the bill would need to be agreed upon by the House in which it would venture to Governor Eric Holcomb’s desk for a final signature.

The House has been discussing their own sports betting bill as of late, but with the recent amendments made to SB552, it is likely they will focus on this measure instead, should they have the opportunity.

While already having removed an online betting option, some of the newest amendments included lowering the license fee for applicants, having the ability to hold a temporary license, and adjusting the tax revenue.

The bill originally asked for a $100,000 initial fee to have the ability to offer legal sports betting, but it has since been modified to only $10,000.

Additionally, the licensees have the ability to hold a temporary license as long as they follow a certain set of stipulations and guidelines.

Now with a 9.5% tax rate on adjusted gross revenue and over 3% of that tax contribution being allocated towards problem and addictive gambling, it fits in line with other sports betting bills around the country.

According to Representative Todd Huston (R- Fishers), the state could see upwards of $1 million a month being brought in from a legalized sports betting industry.

However, in the immediate, this number could greatly increase, as the state could poach neighboring gamblers, who have no legal sports betting option in their state.

“At the end of the day we want to be competitive with our neighboring states,” Huston said. “We want to see investments in Indiana, not in other states.”

Huston is a member of the House’s Ways and Means Committee, which is likely to oversee SB552 should it be approved by the Senate Floor.

Though the bill has not made it on a daily calendar yet, the Senate meets at 1:30 pm on Mondays, Tuesdays, Wednesdays, and Thursdays moving forward. In other words, they will have ample opportunities to make sure the September 1 launch date for sports betting in Indiana is met.

The post Will Sports Betting In Indiana Be Ready To Go By September? first appeared on SportsBettingInIndiana.com.

Michael Molter | SportsBettingInIndiana.com

Indiana Is Taking The Gamble On Sports Betting

Will Sports Betting In Indiana Be Ready To Go By September?