When Indiana Gov. Eric Holcomb signed an expanded gambling bill into existence in May, it also included provisions to legalize sports betting in the state.
Sports betting operators and bettors were excited at the prospect of being able to indulge in sports betting and they were looking forward to a September launch.
It looks like both sportsbooks and bettors in Indiana will have to wait a bit longer as the executive director of the Indiana Gaming Commission (IGC) has said that a September launch looks very unlikely as of now.
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Sara Gonso Tait said that the initial September date launch mentioned by State Sen. Jon Ford who was one of the chief sponsors of the gambling bill was not feasible because there was a lot of work that the IGC needed to complete.
The IGC will have to roll out a regulatory framework to oversee the sports betting industry, then the licensing process will begin. The IGC will once again have to review and approve which operators were eligible to receive a sports betting license. Once this is complete, sports betting operators will have to train their staff on the new offerings and also work out arrangements with different software vendors to have a successful launch.
The IGC is expected to release its first set of regulatory draft regulations on August 28 which will then be subjected to public review.
Legislators in Indiana are keen to get their sports betting industry up and running as it is set to bring in significant revenue to state coffers. Each sports betting license which covers gaming venues will cost $100,000 and another $50,000 for renewal each year. Data companies will have to pay out $10,000 to receive their licenses.
Overall, Indiana is expected to raise around $1.6 million through the licensing fees and around $800, 000 each year from 2021. Indiana is also estimated to receive around $11.5 million per year based on the 9.5 percent tax that it is imposing on sports betting operators.
In order to get things up and running as quickly as possible, the IGC is looking at a phased launch. Indian will give priority to its retail betting industry as land based casinos will look to launch sports betting services followed by mobile betting as there is a lot more work to be done with regards to mobile sports betting.
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