Indiana sports betting is now legal and IN online sports betting will also be coming to the Hoosier State.
Indiana sports betting is finally legal after the bill to allow sports betting in the state of Indiana was officially signed into law by Governor Eric Holcomb. Indiana has become the 10th state to offer legalized sports betting and is expected to officially open its doors as early as September 2019 under the Indiana Gaming Commission by way of two new casinos currently under construction.
Holcomb confirms that sports betting would create 11,000 jobs for people of Indiana. The tax rate will be at 9.5 percent for gross revenue and projections show IN sports betting could lead to $12 million in revenue per year.
In addition to land-based wagering, Indiana sports betting will be offered on mobile devices. Indiana Senators worked to have online betting language re-inserted into the legislation. The House Committee bill been removed of all language permitting Indiana online sports betting, but that was later changed and now Indiana online sports betting will be available to those in the state.
Indiana sports betting operators are expected to pay an initial application fee of $100,000 and a $50,000 licensing fee per year. Betting services providers are will be paying $10,000 as an operator vender. The state will also make $20 million extra as a fee being paid by Spectacle Entertainment, which owns two Gary, Indiana-based boat casinos.
With the NFL and NCAA football seasons coinciding with the launch, Indiana sports betting could see immediate dividends. States with legal sports betting have certainly seen what NFL and NCAA season can do for state revenue on weekends in the fall and winter months.
NJ sports betting online launched during the Summer of 2018, in time to cover an entire NFL football season, and there is no doubt it had plenty to do with the industry seeing $1 billion in handle after just a few months. In total, NJ sports betting has generated $260 million in online handle year-to-date through March 2019, which has translated to almost $53 million in revenue.
The future is bright for Indiana sports betting.