Hoosier Bookie? Governor Signs Indiana Sports Betting Bill Into Law

Indiana sports betting is on the way.

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Gov. Eric Holcomb signed IN sports betting bill H 1015 into law Wednesday afternoon, making it the second state to legalize wagering this year. Montana legalized single-game wagering via the state lottery last week.

The Indiana Legislature approved the bill April 25 and today was Holcomb’s last chance to sign it. Had he passed, it would have become law without his signature.

Governor ready to “modernize” Indiana gaming

Holcomb issued a brief release on his signing of the gaming bill:

“Gaming is a highly regulated industry that once had little competition, but now does from surrounding states and new technology. By modernizing our laws, this legislation will spur positive economic growth for our state and for an industry that employs over 11,000 Hoosiers.

“Additionally, it will bring in new revenue and create hundreds of new jobs – both permanent and in construction. I will direct the Indiana Gaming Commission to monitor for potential effects of this bill so that we can make necessary changes in future legislative sessions.”

Economic Impact on Indiana

Indiana's move to legalize sports betting is forecasted to boost the state's economy significantly. By creating new revenue streams, the law is expected to generate millions in state taxes.

This financial influx supports public services and infrastructure improvements. Local businesses, particularly in hospitality and entertainment, stand to gain increased patronage from sports enthusiasts.

With more jobs set to emerge, communities anticipate better employment opportunities. Through these economic benefits, Indiana aims to cement its role as a modern hub for legal gaming activities.

The state will have both online Hoosier bookie sports betting and retail sportsbooks as part of the new law.

Details of the Indiana sports betting law

Indiana sports betting faced a pair of significant challenges on its path through the statehouse.

Opposition from Rep. Ben Smaltz required the stripping of mobile sports wagering from the bill early in the process. A conference committee later added mobile back in at the last possible moment in late April, helping the bill clear its other major hurdle of escaping conference in time for a pair of full votes.

Mobile Sports Betting Regulations

The newly implemented mobile sports betting regulations ensure strong security and fair play. Platforms are required to implement stringent user verification processes to prevent underage gambling.

Operators must adopt advanced encryption technologies to protect user data and transactions. Responsible gambling measures, such as betting limits and self-exclusion options, are mandatory.

These regulations not only protect consumers but also foster trust in the emerging market. By regulating mobile sports betting, Indiana aims to offer a safe and secure betting environment.

The nitty-gritty of the Indiana sports betting law:

• Statewide mobile wagering
• Tax rate of 9.5 percent of adjusted gross revenue, with a portion allocated to problem gambling.
• No wagering at esports betting sites or amateur athletes under the age of 18.
• An initial $100,000 fee for a vendor license, followed by $50,000 annual renewal payments.
• Limits on in-play betting and restrictions on data sources are left to the discretion of the Indiana Gaming Commission.

Comparison with Other States

Indiana's sports betting law shares similarities with other states but offers distinct advantages. The 9.5 percent tax rate is competitive, fostering an attractive business environment for operators.

Unlike some states, Indiana does not impose integrity fees on sports leagues, streamlining operations. The comprehensive inclusion of mobile betting aligns with states like New Jersey, encouraging broader access and participation.

By comparing features, stakeholders can appreciate Indiana's balanced approach to regulation and economic growth potential.

What they’re saying about IN sports betting law

Sara Slane, American Gaming Association senior vice president of public affairs, issued a statement:

“Indiana is one step closer to reaping the benefits of legal, regulated sports betting with a framework founded on a sensible tax rate and free from unnecessary league fees or carveouts. The bill enables conveniences like mobile wagering and a safe alternative to the pervasive illegal market for the millions of Hoosiers who are already betting on sports.”

Expansion of Legal Sports Betting in the U.S.

As of January 2024, sports betting has seen widespread legalization, with over 37 states, Washington, D.C., and Puerto Rico now offering operational legal sports betting. North Carolina is poised to join these states with sports betting operations expected to begin later in 2024.

Online sports betting is available in 30 states, emphasizing the growing acceptance and integration of sports wagering into the American landscape. Despite this expansion, several states restrict betting to physical sportsbooks, reflecting ongoing diversity in state-level regulatory approaches.

These developments highlight Indiana's trailblazing role and the significance of its early legislation in shaping the broader national context.

The post Hoosier Bookie? Governor Signs Indiana Sports Betting Bill Into Law appeared first on Legal Sports Report.

Original source: https://www.legalsportsreport.com/32312/indiana-sportsbooks-legalized/

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