The state of Indiana is preparing to enter the legal sports betting market by Sept. 1.
The Indiana Gaming Commission will regulate the market, and the body has already issued regulatory guidelines for operators as the stakeholders prepare to launch legal wagering in time for the 2019 NFL Season.
According to sources that are familiar with the situation, onsite wagering will be rolled out first, with mobile wagering following later on. Under Indiana’s new sports wagering Act, licensed casinos, racing tracks, and off-track betting parlors are eligible to apply for licenses.
A look at Indiana sports betting
The Indiana sports wagering law allows bettors in the state to place wagers on sporting events at retail betting outlets or via mobile devices. The market will be available to residents of Indiana or visitors who are at least 21 years of age.
Before placing a bet with a regulated operator, patrons will be required to submit personal information that will enable the licensee to verify their real identity and age. Also, licensees will be required to establish that a bettor is physically located within the jurisdiction before they can accept wagers.
With regards to payments, the legislation will allow players to fund their sports betting accounts via credit and cards, cash or cash equivalent, sports wagering vouchers, winnings, ACH transfers, and any other method approved by the Indiana Gaming Commission.
Once the market rolls out, patrons will be able to place different types of wagers on a variety of sports, but esports gambling will remain illegal. The law also prohibits wagering on amateur sporting events if the participants are less than 18 years of age.
The law governing operators
In the regulatory guidelines issued by the Indiana Gaming Commission on Tuesday, operators wishing to join the regulated Indian sports gambling market will have to part with $100,000 in initial license application fees. The license will be valid for three years, after which the operator will be required to apply for a renewal if they wish to continue offering their services to bettors in the state.
The initial license fee for sports betting suppliers will be $10,000.
As for taxes, sportsbooks operators will be required to remit 9.5 percent of their adjusted gross revenue to the Commission each month, and part of the funds will go to problem gambling. Besides, licensees will be required to maintain a cash reserve of at least $500,000 at any given time to settle winning bets.
The law does not include a clause for official league data. In addition, sportsbook operators will not be compelled to pay integrity fees to sporting organizations, a move that has been lauded by the American Gaming Association.
Timeline for mobile betting currently unknown
Although the Indiana sports betting law has a provision for statewide online sports gambling, plans concerning the roll-out of mobile wagering in the jurisdiction are yet to go public.
At the moment, regulators and operators in the state are working on launching retail sports betting at the authorized locations, and the timeline for onsite wagering is Sept. 1.
The timing means that Indiana bettors will be able to place legal wagers on football during the 2019 NFL season, which begins on Sept. 5.