The Indiana State Legislature has officially passed House Bill 1015 into law. HB1015 is an Indiana state sports betting law that will allow domestic and mobile wagering on sports.
Indiana Governor Eric Holcomb signed the new legislation into law on May 8th, 2019. The law is now in effect, but sports betting won’t begin overnight. It will likely take months before state residents will be able to place their first domestic sports bet.
Operators looking to open up a betting shop will first need to pay the $100k licensing fee, and then renew their license every year for $50k a year. The Indiana Gaming Commission will take charge of regulating the industry and issuing licenses.
Mobile sports betting almost did not make it into the bill because of Representative Ben Smaltz and others who strongly oppose online sports betting. Mobile betting was initially axed from the bill to appease more critics. Luckily for Indiana residents, mobile betting was added back to the bill just before it was too late.
State officials believe neighboring states offering domestic sports betting is having a negative effect on state-licensed casinos. Mobile betting is expected to boost state revenue by allowing every Indiana resident access to the betting lines.
There will be a 9.5% tax imposed on sports wagering. Analysts believe that the additional tax will earn about $12 million in revenue for the state.
The scenery is about to change in Indiana as legal sports betting starts to move in. Residents still have access to online sportsbooks that operate offshore. Offshore sportsbooks typically offer better bonus deals, better betting lines, more betting options, and are completely legal based on current state laws.