Looking at the grand scheme of things, the Indiana sports betting market has done exceptionally well to this point. Adding online casinos will be one of the top priorities in the next legislative sessions.
The Hoosier State Will Try to Add More to Its Arsenal
After two years of failure, this upcoming session will be key for the iGaming industry, as the goal is to gain market access in Indiana. The state surpassed a significant milestone in the sports betting department in November, as the state registered an overall handle of $10 billion in the post-PASPA era.
Representative Ethan Manning plans to introduce a bill to legalize online casinos in Indiana this month, according to PlayIndiana.com. According to the potential writing in the bill, each casino or gaming facility will have to pay a $500,000 fee to receive the license and an additional $50,000 to renew it each year.
In the draft, the tax rate is set around the range of 18-19 percent. With any new endeavor, there are advocates and those who oppose the bill, especially in the gambling sector of any business.
On paper, iGaming is set to bring in a plethora of revenue annually, as the tax receipts will most likely be miles ahead of the revenue generated from the sports betting operation. On the other hand, opposers of the bill will certainly reiterate the notion that mobile casino gaming will create compulsive gamblers.
Why Indiana Supporting Lawmakers Will Push for Mobile Casino Gaming?
Seven states across the nation have introduced online gaming to their state. Lawmakers in New York may introduce an iGaming bill in their respective legislative session for many reasons, as numerous sportsbooks have experienced their concerns in regard to the steep 51 percent sports gambling tax rate. Supporters of the bill also want to give bettors an opportunity to wager on an array of events.
Furthermore, Indiana is one of the four states that share a border with Ohio. On New Year’s Day, the Buckeye sports betting market went live via universal launch. This is significant, as Indiana may lose foot traffic, as residents who live closer to Indiana don’t have to cross state lines.
Before the New York sports betting market launched in January 2022, the reports showed that 20 percent of New Jersey’s monthly handles were from people crossing state lines to place wagers.
Ohio could have somewhat the same effect on Indiana, as the Buckeye State is the seventh-most populous state in the nation. Indiana’s brick-and-mortar casinos may also lose customers in the long run, but it’s difficult to tell at the moment.
iGaming Projections Are Off the Charts
The latest bill will legalize all forms of online casino gaming. According to PlayIndiana, online casinos in Indiana are projected to generate $993 million in revenue.
Neighboring state Michigan has done well in the online casino sector as the numbers are solid. In its first fiscal year (2021), Michigan generated $1.1 billion in revenue.