Indiana sports betting is on the way.
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.
The LSR Podcast crew discussed the bill on last week’s episode: Listen to “LSR Podcast Ep.9 – Feeling Good About Sports Betting Happening in Multiple States (Not NY or FL)” on Spreaker.
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.”
The state will have both online 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.
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 on esports 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.
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.”