The arena was originally named Conseco Fieldhouse, as the naming rights to the venue were sold to Conseco, a financial services organization based in nearby Carmel. In May 2010, the company renamed itself as CNO Financial Group, but the fieldhouse retained the Conseco name. In December 2011, CNO Financial Group changed the name of the fieldhouse to Bankers Life Fieldhouse, after one of its subsidiaries, Bankers Life and Casualty. CNO decided not to renew its naming sponsorship after it expired on June 30, 2019. On September 27, 2021, the fieldhouse announced that Indianapolis-based financial platform Gainbridge would be the new naming partner for the fieldhouse in a multi-year partnership.

In April 2019, the Marion County Capital Improvement Board approved a major renovation project for the fieldhouse. The $360 million project will include a new outdoor entry plaza, new indoor gathering areas, and various interior enhancements. The Pacers committed to remaining in Indianapolis for at least 25 more years as part of the renovation agreement. Construction will take place in two phases, with the fieldhouse having planned to host the 2021 NBA All-Star Game in between the phases, which was later canceled due to the COVID-19 pandemic. Almost all of the construction work will take place during Pacers offseasons. The project will displace the Fever for all of the 2020 and 2021 WNBA seasons, as well as at least part of the 2022 season; the Fever played the first section of the schedule at Gainbridge Fieldhouse, but after the NBA season ended, the Fever played games at Indiana Farmers Coliseum.

The arena was built to evoke an Indiana high school and college field house. As such, unlike most other North American sports arenas, it was designed primarily for basketball. The arena can accommodate an NHL-sized rink, but the ice hockey seating capacity is reduced to 12,300 in an asymmetrical configuration.

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