The state of Indiana is considered to legalize online gaming as a means to help improve a number of financial concerns that the state has with the current coronavirus being just the latest problem to create havoc with the local economy.
Many of the states in America have already looked and made decisions about whether to license online gaming in their state, whilst the likes of Michigan have just gone ahead and launched online casinos and a range of real money Michigan casino apps across the state.
There have been concerns that legalizing online gaming in the state of Indiana could have a detrimental effect on the physical casinos already established, however Senator Jon Ford believes it could be a great opportunity as it could provide new markets for those already established.
The senator said: “Sports wagering opened up a whole new demographic to our casinos. It’s well-documented across the country the younger generations are not going to brick and mortar casinos quite as much.”
However, Ford did add that he would prefer a steady approach that would see mobile casino gaming such as slots and traditional games, before then looking to add the likes of online poker a little later. Indeed, this is not a new approach for Indiana, though, as they began the process before sports betting was allowed.
Indiana has benefitted from sports betting
Despite the coronavirus pandemic destroy significant economic streams, Indiana has thrived in the market of sports betting and has become one of the top states for sports betting. Nevada, New Jersey, and Pennsylvania are the only states above them, as Indiana’s sportsbooks managed to surpass over $1 billion in August 2020 after less than a year with the license. With bettors able to use a number of payment methods, such as using PayPal to deposit funds, the revenue will likely only increase if things continue in the same fashion.
Ford was certainly pleased with the results as he admitted he knew that there was a market for it. “I knew that there would be a market there and that we would attract people to sports wagering. I don’t know that I thought it would necessarily have gone as smooth as it did.”
iGaming continues to grow despite slow rate
There certainly is scope for casinos to get involved in online betting and by providing an online offering as the sports betting law within Indiana allows for the physical establishment to partner up with a number of providers.
Full House has already taken advantage of it as they have partnered up with BetAmerica in the state of Indiana. There are also plans for Smarkets and Wynn Resorts to partner up as well, with President and CEO Dan Lee expecting them to take off in the near future.
It is believed Full House will likely look to get the online gaming license for itself, therefore suggesting there is confidence that iGaming can thrive in Indiana.
CFO Lewis Fanger believes there is a lot more money available in online casinos rather than sports betting, suggesting that the latter is just a small part of the overall market.
“What strongly appears is that sports wagering is the small piece of the pie. It’s the online casino itself where you see significantly more revenue being generated.”
Lee is also of the opinion that online gaming and physical casino establishments can continue to work together. With commercial and tribal casinos thought to have earned more than $60 billion in revenue, the addition of online gaming could fetch a further $20 billion annually.
Despite the slow growth, there is an air of confidence that things will pick up in the future, with Lee suggesting that there will be an expansion of iGaming at some point. “It’s been slow to ramp up. But it’s coming, and then I think you’re going to have expansion of it.”
Indeed, whilst the sports betting growth has been astronomical since the US Supreme Court’s PASPA decision a couple of years ago, the iGaming industry is yet to find a similar trend. There are only a few states to have legalized laws for online gaming.
However, with the confidence that has clearly been aired by a number of influential figures such as Ford and Lee, it appears there is an expectation that Indiana will be a successful state for online casinos.