20 Percent Of States Have Legal Sports Betting After Indiana Bill Becomes Law
Indiana was able to leapfrog Iowa in the race to legalize sports betting. However, it did not become the ninth state to legalize sports wagering as predicted. Instead, Governor Eric Holcolmb signing the bill made Indiana the tenth state on board with legalized and regulated sports wagering. Montana beat out Indiana to become the first state to officially legalize sports betting in 2019.
“By modernizing our laws, this legislation will spur positive economic growth for our state and for an industry that employs over 11,000 Hoosiers,” said Holcomb. “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.”
Importantly, Indiana’s sports wagering law will allow people in the state to place wagers on their mobile phones. Sports betting operators will be taxed at a 9.5% rates on their adjusted gross revenue. They must pay $100,000 as an initial licensing fee and then $50,000 per year to renew the license.
Bettors can place wagers on college sports. They cannot place wagers on amateur events involving participants under the age of eighteen.
Governor Holcomb wisely took his time to sign the pending Indiana sports betting bill. The NCAA removed its restriction on states with sports wagering hosting championship events just one week ago. Now Indiana, home of the NCAA and host of many NCAA championship events, will have no concerns about the prior prohibition.