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Indiana Casinos Race To Offer Sports Betting Prior To NFL Season Openers
31st August, 18:19While they may have missed College Football's opening Saturday action, the state of Indiana will officially see legalized sports betting action get underway Sunday, September 1st.
Becoming the 12th state to legalize sports betting, Indiana is now the first of the major Midwest states to enter the regulated betting market, a move which could signal a mind shift in the more conservative parts of the country regarding this heavily debated topic.
With the ban being lifted Sunday, three casinos are prepared to open their ticketing counters immediately. These casinos, conveniently located near Chicago, Indianapolis, and Cincinnati, will ultimately kickoff the era of sports betting in the state, but many more are racing to have operations in place prior to the September 5th NFL season openers.
The approval was handed down Wednesday after the Indiana Gaming Commission voted to approve in-state sports wagering, and eleven of the state's 13 regulated casinos and three off-track betting parlors have already obtained temporary licenses to offer sports betting.
As of now, no mobile wagering options are available, but the state commission has already expressed a willingness to consider further legislation that would bring sports betting online. With GeoComply now licensed to supply the state with information, measures are already being put in place to offer geo-fencing solutions to prevent out of state mobile signals from wagering at in-state properties.
While it is commonly stated that "The house always wins", the decision to partake in the regulated sports betting market has not proven to be a major revenue generator for states yet, and many states have fallen short of overall expectations.
Casino operators have long used sports betting as means to bring traffic onto their properties, but thanks to the slim margins of profits associated with the activity, it hardly keeps the lights on.
Studies performed by the Indiana legislature project $13 million in annual revenue to be collected after the state's 9.5% tax is applied to the casino's sports betting winnings. While this added revenue will ultimately provide funds for state projects, it hardly offers much to a state touting an annual budget of over $31 billion dollars.