An updated study shows that the state of Indiana stands to gain a significant amount of revenue from igaming if it were to become legalized. The report, which was commissioned by the Indiana Gaming Commission and conducted by Spectrum Group, estimates that the first three years of legal igaming could bring in between $1.9bn and $2.1bn in revenue. This is a 5% increase from previous predictions made in a 2022 report.
In addition to the potential revenue, the report also identified a possible $929m in igaming tax revenue over the first three years following legalization. This is also a 5% increase from previous estimations.
Despite the potential financial benefits of legalizing igaming, the chances of it being legalized in 2024 appear slim, as state legislators have agreed not to bring in any new igaming legislation this year.
The lack of igaming legislation in Indiana reflects a larger trend in the United States, where sports betting has seen rapid growth but igaming has struggled to gain traction. Currently, igaming is only legal in seven states, with the lack of legislation affecting the online scene.
While the potential for igaming is evident, getting legislation through has proven to be a struggle. However, the report on the potential benefits of igaming to Indiana comes after the state reported its highest month of sports betting revenue in December.
During December, Indiana reported $50.6m in adjusted gross revenue, an 18.5% increase from the previous December and a 64.8% hike from November 2023. The total amount spent by consumers during December was $503.1m, the second-highest monthly amount since the state opened its legal market in September 2019.
The potential for igaming in Indiana is evident, with the state’s sports betting market already flourishing. If legalized, the state stands to gain significant revenue from igaming, as demonstrated by the success of sports betting. However, the current lack of legislation for igaming means that the industry is still struggling to gain traction in the US.