In 2019, Indiana legalized online sports betting, allowing operators to apply for a license offering casinos and betting services to the public. It’s been a wild ride since, and the billion-dollar industry hasn’t struggled to keep up with the rest of the world. We'll be exploring recent developments that are actively shaping sports betting in Indiana.
The Legal Landscape and Online Betting
Laws and regulations are two of the important factors transforming betting in Indiana, with the other being evolving technology. First, we’ll take a quick look at the legalities.
While online betting in Indiana is legal, only professional sports competitions and college sports can be wagered on. With a long list of options available offshore, that won’t necessarily stop citizens of Indiana from betting on any sporting event available overseas or in other states, yet it does shape the betting decisions of those preferring to bet locally.
For companies wanting to offer betting and casino services, a license is required. An actor can first apply for a license for a fee of $100,000, and then renew the license annually for an additional $50,000. On top of that, betting actors owe the state 9.5% in tax on sports betting revenue.
While actors in Indiana can’t allow betting on high school teams or amateur sporting events, mobile sports wagering is legal, which brings us to our very next point.
The Rise of Mobile Betting Apps
While online betting has changed the industry massively, the next big step has been mobile betting. Online betting is like online betting 2.0 – it allows for flexibility and more options, and betting on mobile takes it to the next level. It’s no wonder mobile betting has taken off so quickly.
Even those working on days when sporting events are taking place can keep up with odds and perhaps even sneak a glance or two during the match and in between shifts.
Popular Sports for Betting – Esports Next?
The popularity of different sports varies through time, but the most popular sport to bet on in Indiana is, of course, Basketball. Football is another popular sport to bet on by Hoosiers.
The popularity of esports is rising the world over, including in Indiana. Yet esports and virtual sports haven’t yet been legalized in the state, which is just another reason some opt for offshore betting.
Live Betting Increases Engagement
Live betting is becoming more and more popular in the world as a whole, and of course, Indiana is mirroring that. Betting in real-time is more engaging for users who can watch the game while placing bets directly as odds change. It changes how to better engage with the sport – they can now play an active part rather than just passively observing.
Of course, mobile betting is key in enabling live betting in Indiana. The integration of live streaming in live betting apps further allows people to bet on the go as they watch the events play out, making the experience much more immersive.
The Impact of Globalization
As betting has largely moved online, the globalization of sports betting in Indiana is inevitable. In fact, it’s impacting every aspect of what Hoosiers expect when betting online, and is only going to continue to have a massive impact.
Since sports betting has been taken online, the whole internet is now the competition. While amateur sporting events are outlawed in Indiana, for instance, users can, if they’re popular enough, find the option of gambling abroad on the same sporting events.
Additional features and betting options that are popping up on competitive global online sports betting websites are also going to have an impact on the ones based in Indiana and will force legislation to keep up.
What’s Next for the Betting Industry?
Beyond the legalization of virtual sports and esports already mentioned, how will the Indiana betting landscape continue to evolve?
One guess is through the incorporation of blockchain technology. Blockchain technology can foster trust on a new level through smart contracts and total traceability, ensuring both parties can feel secure with monetary transactions, and even helping to prevent money laundering. Smart contracts could also increase efficiency over time, as tasks can be carried out automatically upon certain conditions being met.
As cryptocurrencies are legal in the state of Indiana, we could also see an increase in decentralized payment methods available in licensed casinos. Finally, globalization will continue to have a significant impact, as no online industry can be nationally isolated when users have access to the global network and range of services.
