Legal sports betting is due to arrive in the American Midwest in the Fall of 2019 after the bill to allow Indiana sports betting in the state 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 acknowledged that sports betting is a regulated industry that creates 11,000 jobs for people in the Hoosier State and said the measure will spark economic growth for Indiana as a whole. With a reported 9.5 percent tax on any sports bets placed, it is projected that up to $12 million could be generated from Indiana sports betting per year.
In addition to land-based venues, Indiana sports betting will be offered on mobile devices as well after Indiana Senators worked to have online betting language re-inserted into the legislation. This comes following some theatrics during the House Committee stage of the process, where the bill had been removed of all language permitting Indiana online sports betting. This will be the first time Indiana allows mobile gambling of any time.
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. One of the two casinos is being allowed to update its license and dock the boat in a new, more profitable county.
Indiana Online Sports Betting Could Experience Immediate Boom, As New Jersey Did
If Indiana sports betting is able to remain on its launch trajectory, there’s an enormous opportunity for growth right away. In addition to the initial buzz surrounding the launch of sports betting in a new state, the timing is impeccable. 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 online sports betting 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.