Indiana House of Representatives to Discuss Gambling Bill

Indiana State Senate Bill 552 (SB 552) got the green light from the Senate back in February, but now it will be discussed in front of the House of Representative and will potentially receive needed approval.

The bill, which would introduce a legalized casino market in the state in the meantime, went through several changes.

Some of the changes were in regards to taxation, so now licensees will have to pay a 9.5% tax on sports betting revenue if the bill gets approved. Also, a casino around Terre Haute will get a new license.

Legal Sports Wagering in Indiana

The bill already got approved by the Ways and Means Committee, with 17 votes in favor and 6 votes against it and with it, came huge from lawmakers.

Taking into consideration the vast from the lawmakers, it looks like legal wagering on both professional and college-level sports event will come quite soon to the state of Indiana.

“It’s difficult to find a place where a large expansion like that can . I’m surprised it had ed the Senate. If there’s a new casino facility, I don’t know how anyone can argue that it’s not an expansion,” Speaker, Brian Bosma, said and called the legislation the biggest expansion since allowing horse racing casinos to implement slots in 2007.

It is stated in bill SB552 that each license would cost $100.00 which is much less than some other US states are asking…

…so some lawmakers are actually concerned that it won’t cover the expenses since this bill won’t allow mobile and online sports wagering.

Details on the Taxes

When it comes to the taxes, they will be charged on adjusted gross receipts (AGR) and will vary from venue to venue.

For example, Riverboat casinos that earn less than $75 million in AGR will pay a 2.5% tax rate, which is half down from the current 5%.

On the other hand, those venues that make more than $75 million will play 10% on the first $25 million…

…and then will pay a standard 15% on everything they earn above that mark.

More About the Bill

If the Indiana bill es all necessary steps and gets approval, these new rules will come into action from July 1, 2021.

But, some lawmakers believe that the Indiana bill has to go through more twitching and editing before it gets fully approved.

State Representative, Peggy Mayfield. said that she believes that someone will probably try to include a mobile sports betting amendment, but that she also believes most lawmakers don’t want to upset the currently stable gambling market.

A Word from the Mayor

“I am pleased that the bill is advancing through the House. While we look forward to new casino development on the Borman Expressway, we are focused on the opportunity to develop an [transportation and shipping] facility at Buffington Harbor thanks to the vacating of that area by the casino,” Karen Freeman-Wilson, the mayor of Gary, Indiana, said.

Source:

“Indiana House to discuss gambling bill today”, Erik Gibbs, calvinayre.com, April 11, 2019.