As the USA has warmed up towards gambling and numerous states have launched their own sports betting and/or online gambling markets, more states start pondering launching a market of their own. Indiana’s House Bill 1356 envisions just that as it proposes launching online gambling in the state. Here is a look at what Indiana stands to gain if the Bill passes.
IGaming Can Bring as Much as $500M in Taxes
The Casino Association of Indiana and iDevelopment and Economic Association Growth hired analysts from Global Market Advisors to calculate how well iGaming offerings will fare in the state. According to the results, the foray of iGaming in the Hoosier state will provide great benefits which include $500 million in tax revenue.
Here is what Global Market Advisors proposes to enhance the beneficial effects:
- To provide licenses only to experienced operators and only in partnership with a land-based operator
- To prohibit operators from taking bets from bettors outside of Indiana
- To license an array of various iGaming titles to keep customers engaged
- To use the infrastructure and regulatory systems that have been already established by the state’s mobile sports betting
Overall, the analysts predict that iGaming’s legalization may have a profound beneficial effect on the state, should those things be taken in mind.
CAI and IDEA Growth Are Excited by the Prospects
Matt Bell, the executive director of the Casino Association of Indiana, spoke on the results:
“IGaming in Indiana will modernize our industry and keep us competitive with our neighboring states that seek to extract Hoosier customers and Hoosier entertainment dollars from our state. Just as mobile sports betting has grown the overall revenues for our industry, iGaming will enhance our connection with existing customers and enable us to meet new ones in ways never before possible.”Casino Association of Indiana executive director Matt Bell
Bell then spoke about why the CAI chose to partner with iDEA Growth. He explained that the latter is what he would call “the gold standard in iGaming.” Furthermore, both parties share the same vision and believe that iGaming’s legalization will benefit the state without hurting the land-based gaming industry.
John Pappas, the state advocacy director for iDEA Growth, elaborated on the matter. According to him, since Indiana is no stranger to gambling, it will have an easy time implementing iGaming. Furthermore, he pointed out that people are already playing online on unlicensed sites which hurts the economy and yields zero tax. Pappas advised:
“The state’s lawmakers can meet consumer demand by establishing a legal, competitive market that benefits the state economy and protects online players with regulatory safeguards.”iDEA Growth state advocacy director John Pappas
Indiana already has very successful sports betting market. It is almost certain that iGaming will also fare well and will benefit the state in more than one way.