- 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.