- Gov. Eric Holcomb approves sports betting
- Mobile betting not part of the bill
- Licensing fees cheap at $100,000
Gov. Eric Holcomb approves H 1015, a sports betting bill that makes Indiana the latest state to adopt sports betting legislation. Previously, Montana has passed its own sports betting framework in 2019.
Gov. Holcomb Approves Indiana Sports Betting Bill
Indiana’s spots betting bill, H 1015, successfully cleared both houses of legislation, heading into the governor’s office. Late on Wednesday, Gov. Eric Holcomb gave his unconditional approval for the bill which will now chart the future of sports betting in IN.
By April 25, the bill had cleared both the House and Senate waiting on the 14-day period in which Holcomb had to decide whether the bill needs to be revised or it can proceed to implementation. With the signature on Wednesday, IN is the second state, after Montana, to have successfully passed sports betting laws in 2019.
Improved Revenue and Modernization on the Way
The Gov. released a brief statement in which he explained his motivation to approve H 1015. Holcomb explained that by modernizing IN’s laws, the state would be able to catch up to neighboring states. Holcomb added that he will seek to help the Indiana Gaming Commission establish a working framework.
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.
Mobile Not Part of the Deal
Mobile sports betting will not be part of the deal after multiple representatives fell behind Ben Smaltz and demanded that the provision is removed from the final draft to secure a safe passage.
Even though mobile betting will not be part of the offer, legislators have been able to agree on all other important aspects of the law:
- Licensing fee of $100,000 and $50,000 renewal fees
- 9.5% tax on gross betting revenue
- Live betting options to be determined by the Indiana Gaming Commission
Amateurs sports aren’t part of the bill and the legal gambling age is 18. With Holcomb’s approval, Indiana is welcome to welcome its own fully-legalized sports betting industry. With nearly 6.7 million people, the state would prove an important battle ground for brands that want to expand.
The fairly light licensing fee will make it possible for smaller brands to enter while the lack of mobile betting would keep giants from completely dominating the market.