PointsBet Sportsbook is coming to Indiana.
On Wednesday, the Indiana Gaming Commission (IGC) gave PointsBet Indiana the go-ahead to commence statewide mobile betting. Starting March 5th, Hoosiers can visit the PointsBet website to sign up for an account, download the official mobile app and bet on sports.
A go-live authorization notice issued by the IGC states PointsBet has “substantially demonstrated” its ability to fully comply with all sports betting laws and regulations in Indiana.
In Indiana, PointsBet is partnered with Hollywood Casino and operates off its sports wagering license. The partnership with Hollywood Casino stems from a larger agreement PointsBet formed with Penn National last year. As a part of that agreement, Penn National acquired a 5.28% stake in PointsBet with options to increase the stake.
A Unique Form of Sports Wagering Comes to Indiana
PointsBet is the sixth mobile sportsbook to receive the blessings of IGC regulators, but it is the first to introduce the concept of PointsBetting to Indiana bettors.
While PointsBet also offers a full menu of traditional sports wagers, it also offers a type of spread betting in which customers’ wins and losses scale based on the margin of victory.
For example, PointsBetting wagers on the points total in a game allow customers to pick the “over” or “under” just like a standard totals wager. The difference is that payouts and losses scale based on how right or wrong the bettor is.
If the bettor wagers $1 on the over in a basketball game, for example, and the actual total exceeds the posted total by 20 points, the bettor would earn a payout of $20 ($1 x 20 points over the total).
The PointsBetting concept is also extended to other types of wagers. For example, imagine an NBA spread with the Indiana Pacers favored by 5 points over the Chicago Bulls. If the bettor wagers $10 on the Pacers and they win by 10 points, the bettor would win a $50 payout ($10 x 5 points over the spread).
This can also work against the bettor when things don’t go as predicted. If the Pacers fail to cover the spread in the above example, the customer would lose $10 per point under the spread.
It’s a high risk, high reward form of wagering, but it is not completely uncontrolled. All PointsBetting markets allow the customer to set predefined win/loss limits. Thus, the best-case outcome and worst-case scenario are both known ahead of time so bettors can properly manage risk.
PointsBet Indiana Bonus for New Customers
PointsBet will likely come to the Hoosier State with the same two-part welcome bonus worth up to $1,000 offered in other states so far.
The bonus is issued as two risk-free bets, one to try a standard fixed odds bet and one to try a PointsBetting wager. New customers can claim both bonuses by signing up for an account, making a deposit and placing their first wager of each type. If either loses, PointsBet will refund the losing bet with a bonus bet worth up to $500.
This is one of the few welcome bonuses that comes with no wagering requirements. Bonus bets given to customers are theirs to keep and any winnings may be withdrawn as normal. However, any bonus received as a part of this promotion must be used within seven days and may only be used on markets with odds of -200 or higher (i.e. -150 and +200 would be fine; -400 would not qualify).