There are currently only a handful of states with legal online casino gambling, but Indiana is one state that could be looking to join the group. Things are still in the very early stages in the state, but Indiana has at least been doing some work to see how successful the industry might be.
The Indiana Gaming Commission is in charge of gambling in the state, and it hired Spectrum to conduct a study to see the impacts of legalizing online casino gambling. Spectrum was tasked with looking at many things, including the potential impact that online casino gambling might have on the retail casinos that are in the state.
This is actually the second time that Spectrum has conducted this survey in Indiana, and the results are similar. Even though online casino gambling is going to be more popular than retail casino gambling, it’s not going to replace it altogether.
No Reason Not to Legalize
Online casino companies are going to like the results of this study as it could lead to another market that ultimately makes this a legal option. Retail casinos should be confident in the study as well as it doesn’t appear as if it’s going to create a huge issue.
The study basically noted that online casino gambling is not going to have a negative impact on retail casinos at all. There were a number of factors that contributed to this decision, including looking at the iGaming industry in many other states.
Four of the states with legal online casino gambling actually saw retail revenue increase after the online sites launched. The overall growth was just 0.7% in terms of total revenue in all six states with both forms of gambling, but that still shows some growth.
It’s unclear how the online casino gambling bills would work in Indiana, but it would likely be tied to retail casino gambling in some form as well. That could actually create a slight advantage for those casinos as they can offer a new betting option.
There is also no concern to online sportsbooks in Indiana as those two industries have been able to co-exist in other markets. Some of the top online sportsbook operators have gotten into the online casino gambling industry as well, and that would be the case in Indiana as well.
Huge Revenue Opportunity
Not only did Spectrum look at the impact on other industries, but it also made some revenue projections. Spectrum believes that Indiana could expect to see more than $2 billion in revenue in just three years, and that is what lawmakers are going to focus on moving forward.
This new industry is not even going to be considered until 2025 as this year is an election year in the state. This information will give lawmakers and lobbyists key information that can then be used to make suggestions moving forward.
Indiana has actually seen some of its sports betting numbers decline in recent years, and adding another new gambling option could bring some more energy to the gambling industry.