Residents of the Hoosier State, prepare your betting slips.
Sept. 1 is the Indiana sports betting launch date and the countdown is on.
The Indiana Gaming Commission announced regulations allowing sports betting to begin on Sept. 1.
This is good news for bettors, operators and teams alike.
Why the Indiana sports betting launch date is good for bettors
The advent of legal sports betting in Indiana provides fans with a new way to interact with their favorite sports and teams. The presence of new legal sportsbooks in the state also means new jobs.
Taxes and licensing fees from sports betting revenue will go to local municipalities and the state. That means more funds will be available for public works projects as well as services for individuals with gambling issues.
Despite the fact that the law doesn’t require sportsbooks to pay a royalty to or purchase official data from professional sports leagues, there’s still good news for franchises like the Indiana Fever.
Benefits for Indiana sports franchises
As far as interest in athletic events goes, sports betting could be the rising tide that lifts all ships. Having money on the outcome of a sporting event naturally boosts interest.
There should be a boost in viewership if not attendance for teams like the Indiana Pacers franchise and even college teams like Indiana University and Notre Dame football
The Sept. 1 launch date is especially good news for the Indianapolis Colts. They play their first regular-season game of the coming NFL season the following Sunday. The fact that legal sports betting will be live in time for the season means the Colts should see the maximum benefit.
Perhaps the biggest benefactors of sports betting in the Hoosier State, however, will be the state. Not only do the casinos pay licensing fees and percentage of revenue, but players must pay tax on sports betting winnings – all of which benefits Indiana and its residents.
Sports betting’s potential boon to operators
Although projections for tax revenue from sports betting are modest, operators of casinos and online sports wagering sites look at sports betting the same way owners of convenience stores see fuel sales. It’s intended to drive traffic.
The hope for casinos is that while patrons are on site to place bets on Colts games, they will play a few slots and/or table games. Those games offer a far superior return for the casinos, especially given the fact that in other states with mobile betting, most bettors do so in that fashion.
The same goes for the state’s racetracks and riverboats.
Offering sports betting will primarily be a new amenity to attract patrons, not the primary product depended upon to pay the bills. Expect casinos, racetracks, and riverboats to start marketing their new sports betting products soon.
Indiana joining the fray opens up a new market for online-only operators like DraftKings and FanDuel.
Their sportsbook products already exist. Increased wagers mean increased payouts. Additionally, an increase in the volume of bets being placed will also translate to improved revenue.
To what extent legal sports betting in Indiana will benefit everyone involved is yet to be determined. Those questions will be answered soon, as Indiana sportsbooks launch on Sept. 1.