Indiana Legalizes Sports Betting

Indiana is officially joining the ranks of states to legalize sports betting, and the state also announced this week that it would allow building of two new casinos.

The Related Press reports that Indiana Gov. Eric Holcomb signed the bill on the final day he could act around the measure previously approved by lawmakers within the state. Sports betting in the Hoosier state could open as quickly as September, and when this occurs anyone 21 and older at a casino or on a mobile device will be in a position to place bets.

The NCAA football season kicks off on Aug. 24 this year, while the NFL regular season is set to start with the Packers and Bears on Sept. 5. The bill doesn’t permit betting on any higher college or youth sports in Indiana, according to A.P.

“Gaming is really a highly regulated industry that once had little competitors, but now does from surrounding states and new technologies,” Holcomb said in a statement. “By modernizing our laws, this legislation will spur positive financial growth for our state and for an industry that employs more than 11,000 Hoosiers.

“Additionally, it will bring in new income and produce hundreds of new jobs — each permanent and in construction. I’ll direct the Indiana Gaming Commission to monitor for possible effects of this bill so that we can make necessary changes in future legislative sessions.”

This measure comes on the heels from the NCAA — primarily based in Indianapolis, Indiana — announcing it would erase its rule on maintaining championship events out of states with legal sports betting.

A.P. reports that the proposal places a 9.5 percent tax on any sports bets, and that this measure is projected to produce $12 million annually.

As for these new casinos, the news organization reports that two horse track casinos close to Indianapolis with table games and human dealers will be permitted to open in January 2020. This really is in addition towards the state permitting the owner of two Gary, Indiana casino boats to move to a new 1 along I-80-94 in Indianapolis.
This also has set up the groundwork to get a casino to open in Terre Haute, Indiana. As part of all of this, the company purchasing the two boat casinos should invest at least $150 million on a brand new casino in Gary, and spend the $20 million state charge to finish the process.

As of Wednesday, Might 9, A.P. reports that Spectacle Entertainment — the company behind these moves — has proposed a $300 million new casino having a 200-room hotel in Gary.

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