Indiana Hits Its One Year Sports Betting Anniversary, What Does The Future Hold?
Sports betting has been operational in Indiana for one year.
The first year of business for the state was undoubtedly a success.
Indiana has attracted over $1 billion in bets and generated over $8 million in taxes for the state since betting began on September 1, 2019.
Since last September, things have significantly progressed.
The Emergence of Betting in Indiana
If not for the Supreme Court, sports betting wouldn’t have even been a possibility in the Hoosier State.
The court declared in May 2018 that the ban on national sports betting outside of Nevada was unconstitutional.
That ruling paved the way for nationwide gambling.
Nonetheless, even with a clear path towards legality, legalization is a process that requires time. But Indiana was swift to initiate this process.
Indiana legalized sports betting in May 2019, approximately a year later.
The state was poised to become a major market for online sports betting once it was finally inaugurated.
Fortunately, Indiana legislators managed to bypass the in-person registration requirements that have troubled other states.
Retail betting commenced a few months later when the first legal wager was placed by Gov. Eric Holcomb on Sept. 1.
Indiana began online sports betting a month later and promptly took off.
Where are we now?
Since the initiation of betting, Indiana has made significant progress.
Since last October, eight online betting apps have been introduced in the state. Currently, Hoosiers have a selection of these online books to meet their sports betting requirements:
During its initial few months of betting, Indiana benefitted from a Midwest advantage.
Residents from Michigan, Illinois, Kentucky, and Ohio, where sports betting was not available, flocked to Indiana to fulfill their legal betting needs.
Since remote registration for an online book is possible in Indiana, all out-of-state gamblers had to do was enter the Hoosier State to place their bets.
Though the additional boost initially stimulated Indiana’s market, it’s gradually declining.
Illinois and Michigan now both allow legal sports betting. While Illinois already offers online betting, Michigan is set to introduce it this fall.
Indiana might be missing out on additional business from those two states, but Kentucky and Ohio are yet to legalize betting.
As long as those two continue to lag behind the pack, their residents will persist in visiting Indiana to fulfill their gambling needs.
The Hoosier State is glad to utilize this temporary advantage while it still exists, even though it won’t last forever.
The Future of Sports Betting in Indiana
Over the next year, Indiana will keep maturing as a market.
The level of competition will become higher as more sportsbooks launch in the state.
This year, BetIndiana and theScore Bet are set to launch in Indiana, with companies such as FOX Bet and William Hill planning to follow suit in the future.
The comeback of sports will also aid in establishing the state’s major players.
Large corporations such as PointsBet and BetMGM debuted in Indiana just prior to the shutdowns in March due to the coronavirus. With no sports available to place bets on, both companies were at a disadvantage in establishing their own share of the state’s market.
That's starting to change.
BetRivers has held its position as the third most popular sportsbook in Indiana since the inception of sports gambling.
In July, BetMGM finally ousted BetRivers from the podium.
As PointsBet continues to make progress in the state, any entities other than DraftKings or FanDuel may find it challenging to outpace the remaining competition in the upcoming months.
Next are online casinos in Indiana.
Indiana’s next move in the gambling industry, following the successful establishment of a sports betting market, could be the legalization of online casinos.
In 2019, Gov. Holcomb advocated for sports betting in an effort to keep the state’s casino industry competitive.
This legislation, aimed at updating our laws, will stimulate economic growth both in our state and an industry that employs more than 11,000 Hoosiers. It will also generate new revenue and create hundreds of new jobs, including permanent positions and construction-related roles.
Keeping Indiana’s industry ahead of the curve requires the next step of incorporating online casino games.
In essence, the reasons for legalizing sports betting are also applicable to online gaming. It not only provides entertainment for gamblers, but also generates job opportunities and additional tax revenue for the state.
The reasoning is further reinforced by the fact that online casinos are typically more profitable than sportsbooks.
Online casinos could potentially revitalize Indiana’s economy, which has been impacted by COVID-19, by providing a boost to the state’s general fund.
An Indiana legislator is already aiming to introduce online casino legislation at some point in 2021. However, this endeavor is expected to be a challenging uphill battle.
Even though some of the state’s representatives may have doubts about online casinos, they will inevitably become the natural progression of the state’s gambling industry.
Having successfully completed its first year of sports betting, Indiana is likely to experience a stronger push than ever for online casinos.
If Indiana wants to retain its position as one of the top gambling markets in the country, it needs to stay forward-looking, especially considering its successful sports betting launch.
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