Indiana Governor Eric Holcomb signed a sports betting bill into law on Wednesday, becoming the 10th state to offer legal wagering. The law will go into effect in July. The bill includes a full mobile offering — bettors can register for an account and place wagers on a their phones, so long as they are within the state’s borders. These rules are very similar to what we’ve seen adopted in New Jersey, which has drawn the most betting volume of any state outside of Nevada, thanks to mobile betting. Nearly 80% of Jersey’s $2.32 billion sports wagering handle to date has come via mobile devices. In May 2018, the U.S. Supreme Court overturned the federal ban on sports betting. The following states are now legal: Indiana, Nevada, New Jersey, Indiana, Rhode Island, West Virginia, Pennsylvania, Delaware, Mississippi, New Mexico and Montana — which just passed a bill last Friday. There are sports betting bills on the desks of the governors in Iowa and Tennessee. Governor Bill Lee in Tennessee has said that he won’t veto the bill and will let it become law without his signature. Iowa Governor Kim Reynolds remains uncommitted — one way or another — on the bill.<doc-sep>The wait is over. Indiana has become the 10th state to legalize sports betting. On Wednesday, the Indiana sports betting legislation became law after Gov. Eric Holcomb signed the measure. “Gaming is a highly regulated industry that once had little competition, but now does from surrounding states and new technology,” he said in a statement. “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.” Historic bill While sports betting was relatively uncontroversial, other components of the gambling reform package, aptly dubbed “Gaming Matters”, were hotly contested. During the legislative process, the legislation was described as a “once-in-a-lifetime” opportunity for the state to make changes to its gaming industry. The drama over the sports betting provisions was certainly present, however, thanks to provisions authorizing online/mobile sports betting being stripped from the bill during its time in the House committee stage. The Indiana Senate voted in favor of online gambling, and so when the legislation moved to the conference committee stage, Senate backers were able to reinsert the online betting language. The stakes were high, as sports betting confined to inside Indiana’s casinos would have greatly dimmed the market’s potential. In New Jersey, more than 80% of the handle comes via the internet. Indiana’s market should mirror that breakdown. Under the legislation, the Indiana Gaming Commission would start accepting sports betting applications on July 1, 2019. Indiana Sen. Mark Messmer, a Republican who spearheaded the bill, said in a recent interview that he’d like to see Indiana have mobile sports betting this fall. That’s probably too aggressive of a timeline. Brick-and-mortar sportsbooks by the start of the NFL season is a far more likely outcome. The legislation allows the IGC to issue “temporary” certificates for sports wagering while full approval is pending, a provision that expedites that launch of Hoosier State sports wagering. Sports betting operators would pay a $100k application fee, with their vendors (sports wagering service providers) paying a $10k fee. Casinos would have to pay $50k each year to renew the license. Sports wagering revenue would be taxed at a 9.5% rate, which is relatively industry-friendly. At one point in the legislative process, the legislation called for mandating that casinos and their tech partners use “official league data” for in-game wagering. That language was stripped from the bill. “A certificate holder or vendor may use data selected in a manner approved by the commission to determine whether a wager is a winning wager,” reads a provision in the legislation. Under the bill, casinos could contract with up to three brands, or skins, for online sports wagering. Highlights of HB 1015<doc-sep>Indiana is officially joining the ranks of states to legalize sports betting, and the state also announced this week that it would allow construction of two new casinos. The Associated Press reports that Indiana Gov. Eric Holcomb signed the bill on the final day he could act on the measure previously approved by lawmakers in the state. Sports betting in the Hoosier state could open as soon as September, and when this happens anyone 21 and older at a casino or on a mobile device will be able to place bets. The NCAA football season kicks off on Aug. 24 this year, while the NFL regular season is set to start with the Packers and Bears on Sept. 5. The bill does not allow betting on any high school or youth sports in Indiana, according to A.P. Related: U.S. Supreme Court makes legalized sports betting possible in each state “Gaming is a highly regulated industry that once had little competition, but now does from surrounding states and new technology,” Holcomb said in a statement. "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.” This measure comes on the heels of the NCAA -- based in Indianapolis, Indiana -- announcing it would erase its rule on keeping championship events out of states with legal sports betting. A.P. reports that the proposal places a 9.5 percent tax on any sports bets, and that this measure is projected to generate $12 million annually. As for these new casinos, the news organization reports that two horse track casinos near Indianapolis with table games and human dealers will be allowed to open in January 2020. This is in addition to the state allowing the owner of two Gary, Indiana casino boats to move to a new one along I-80-94 in Indianapolis. Related: Michigan Senate votes to legalize online gambling This also has set up the groundwork for a casino to open in Terre Haute, Indiana. As part of all of this, the company buying the two boat casinos must spend at least $150 million on a new casino in Gary, and pay the $20 million state fee to complete the process. As of Wednesday, May 9, A.P. reports that Spectacle Entertainment -- the company behind these moves -- has proposed a $300 million new casino with a 200-room hotel in Gary. For more information on House Bill 1015 in Indiana, click here.<doc-sep>
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. of adjusted gross revenue, with a portion allocated to problem gambling. No wagering on esports or amateur athletes under the age of 18. or amateur athletes under the age of 18. An initial $100,000 fee for a vendor license, followed by $50,000 annual renewal payments. fee for a vendor license, followed by 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: