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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.

Indiana Issues Its First Three Fantasy Sports Licenses

Sierra Kennedy — Wed, 05 Jul 2017 17:38:28 +0000

The first three state licenses have been issued to fantasy sports operators that will provide their paid-entry contests to sports fans in Indiana.

The IGC Approves DFS Licenses

In order to legally accept payments from Hoosiers, DraftKings, FanDuel, and Fantasy Draft all applied for licenses as required by the Indiana Gaming Commission (IGC) under Indiana SB No. 339. For a one-year license, the DFS operators were required to pay $50,000 upfront with a $5,000 annual renewal fee. As of Friday, there are still thirteen other operators that initially showed interest in obtaining licensure but ultimately opted out. The sites were permitted to offer their services under a temporary agreement arranged with the gaming authority, however they will have to pull out of the Indiana market by Saturday. “I should note that we have been communicating with these parties for quite some time, that information has been posted on our website,” said Sara Tait, Indiana Gaming Commissioner Executive Director. “So every party should have plenty of notice that they should cease operations in Indiana effective July 1.”In a situation where an Indiana resident enters a paid fantasy sports contest with an unlicensed operator, the Indiana Gaming Commission would not seek charges against the player. Serving only as a regulatory body, any gambling activity deemed as “illegal” would be handled by local prosecutors.

Inside Indiana Senate Bill 339

Indiana was one of the first states to pass fantasy sports regulations in 2016. Indiana Senate Bill 339 was signed by then-Governor Mike Pence on March 24th of last year and provided the complete regulatory framework for fantasy sports contests within the state. Here are a few highlights of the law:

Fantasy sports are defined as a game of skill.
Contests on high school and collegiate sports are prohibited.
The minimum age to enter a fantasy sports contest is 18 years old, and operators must have verification procedures.
The fantasy sports sites must be audited annually

Certain consumer protections such as the separation of player funds from operational monies, allowing participants to block themselves from playing, and barring immediate family members of employees from entering contests at sites for sports betting in Indiana were also included in the law.

Will The FanDuel/DraftKings Merger Effect Licensure?

Last year, FanDuel and DraftKings announced that they had entered into a merger agreement that was set to be finalized by the end of 2017. The reason behind the union of the two biggest DFS operators was initially unclear when their intentions became known to the public. However, after their 2016 losses were leaked in a report by Axios, it became abundantly clear that the merger was driven by finances. Together, the two companies had a reported loss of $151 million.

Combining forces has been put on hold by an ongoing investigation by the Federal Trade Commission (FTC) and the Attorneys General in the State of California and the District of Columbia. The FTC announced that they would be challenging the merger, arguing that if the two operators combine they would control more than 90% of the daily fantasy sports market in the United States.

Fortunately, the pending legal action against the two DFS leaders will not impact their standing in the Indiana daily fantasy sports market.

"We would each be operating as independent contractors...," stated Cory Fox, Counsel for Policy and Governmental Affairs at FanDuel. "If at some later date there's a possibility of a merger, we definitely would be in touch and discuss it with you at that point."

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