On Wednesday, Indiana’s Governor Eric Holcomb signed a sports betting bill into law, making Indiana the tenth US state to legalize sports betting.
The bill, titled HB 1015 was signed into law on Wednesday afternoon. This was the last day for Holcomb to sign the bill. However, if he decided not to sign the bill, it would have still become law without his signature.
Not only is Indiana the tenth state to legalize sports betting, but it is also the second state to legalize the activity in 2019.
This news comes days after Montana’s Governor signed a bill that allows the state lottery to offer single-game wagering on sporting events. This made Montana the first state to legalize sports betting in 2019.
After signing the bill into law, Holcomb issued a statement on the state’s gambling industry.
In his statement, Holcomb said: “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.”
Looking closer at the bill
The Indiana sports betting bill would legalize land-based and state-wide mobile sports betting. Hoosiers will be able to sign up with online bookies remotely.
The bill sets a tax rate of 9.5% on adjusted gross revenue, with a portion of tax revenue being allocated to combating problem gambling.
Sport betting licenses will cost $100,000 and will need to be renewed on an annual basis for $50,000.
Under the bill, licensed casinos could partner with up to three brands for online sports betting.
The Indiana Gaming Commission will be responsible for setting limits on in-play betting and setting restrictions on data sources for bookies.
The bill does not allow wagering on esports or amateur athletes that are younger than 18.
Elsewhere in the US
Looking to the other states, Montana became the first state to legalize sports betting in 2019.
The Iowa sports betting bill would legalize land-based and state-wide mobile sports betting in the state.
Tennessee’s bill would legalize online sports betting only. This is the first time a state has considered an online-only betting bill. Tennessee’s Governor has said that he won’t sign the bill, instead, he will allow it to become law without his signature.
The Colorado sports betting bill would not legalize sports betting right away, instead, it will allow residents to vote whether to legalize sports betting via a referendum.