With one signature on House Bill 1015 by Indiana Governor Eric Holcomb, Indiana became the 10th state in the United States to have legalized sports betting since the Supreme Court struck down the Professional and Amateur Sport Protection act of 1992, in May 2018. Those ten states that have legal sports betting in the United States are:
- New Jersey
- West Virginia
- New Mexico
- Rhode Island
States that have or will have online sports betting in the United States soon include:
What Are Some Of The Specifics Of The Law Legalizing Sports Betting In Indiana?
Shortly after sports betting in Montana was made legal in 2019, Indiana stepped it up with their own legalization of IN sports betting. Gov. Holcomb was adamant about getting this bill signed, mentioning that the sports betting industry allows for over 11,000 jobs in Indiana, and the taxes collected from Indiana sports betting revenue thanks to their tax rate of 9.5 percent will be a big boon to their state economy. That tax rate projects to boost the Hoosier state’s bottom line by $12 million each year.
Here’s a breakdown of the key points with the legalization of both Indiana sports betting and online sports betting in Indiana:
- Sports betting in Indiana will be available at all land-based casinos throughout the state, as well as boat casinos
- A 9.5 percent tax will be levied on gross revenue from both Indiana sports betting and Indiana online sports betting, with a slice of that collected tax being used to fight gambling addiction
- An application fee of $100,000 will be charged for each Indiana sportsbook initially, and be able to renew that license every year for $50,000
- Spectacle Entertainment is also paying a $20 million fee to have Indiana sports betting on their boat casinos, as they’re given permission to move and dock one of the boat casinos to a new county outside of its current Gary, IN location
- Betting is prohibited on eSports as well as athletic contests with players below 18 years of age
Timing Of Sports Betting In Indiana Will Hopefully Pay Dividends As It Did In New Jersey
As mentioned earlier, Indiana sports betting as well as Indiana online sports betting is targeted for a Fall 2019 rollout. If they’re able to hit their marks on that deadline, it would coincide with the beginning of the NFL season as well as the NCAA Football season, which are both big business when it comes to sports betting and online sports betting. Hoosier fans are notoriously big sports fans with many NCAA college football teams as well as the Indianapolis Colts within the state.
Betting on the NFL as well as NCAA Football bets were what generated big numbers in both total handle and revenue for NJ online sports betting after their launch in the Summer of 2018, and continued throughout the 2018-2019 season in both NFL bets and betting on the NCAA.