Indiana has become the latest US state to legalise sports betting after Governor Eric Holcomb signed legislation Wednesday authorising the activity.
The legislation allows the state’s licensed gaming facilities to offer in-person and mobile sports betting to players over the age of 21, either independently or through a vendor, with the Indiana Gaming Commission accepting sports wagering certificate applications from July 1st.
Operator applicants and vendors are required to pay an initial fee of $100,000 and an annual administrative fee of $50,000 for certification, and will subject to a 9.5 per cent tax on adjusted gross receipts from sports betting. The state’s Addiction Services Fund will receive 3.33 per cent of the tax revenue.
The legislation also expands gambling within the state by allowing table games at racinos beginning January 1, 2020, and offers the possibility of establishing a new land-based casino in Vigo County. The graduated wagering tax on gambling games at racinos and riverboats will also be lowered.
“Gaming is a highly regulated industry that once had little competition, but now does from surrounding states and new technology,” Governor Holcomb said Wednesday. “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,” he added.
Indiana expects to generate sports wagering fees of $1.6m in fiscal year 2020 alongside sports wagering tax revenue of $8.6m, with the tax revenue predicted to rise to $11.5m by fiscal year 2022.