Sports Betting A Step Closer In Michigan

businessman leaving

Michigan appears to be the latest US state preparing to enter the fast-growing sports betting market, following the passage of a new Bill through the state legislature.

Bill 4926 was signed off by Michigan lawmakers last week and will now be put to the state governor Rick Snyder who will have the final say on whether it becomes law.

The Bill makes provision for both land-based and online sports betting, and if it is approved, will enable Michigan residents over the age of 21 to register to bet on sports at one of Detroit’s three casinos along with 23 tribal gaming venues.

The tax level for the proposed Michigan betting industry has been set at eight per cent and thirty per cent of tax revenue will go to the city of Detroit, with five per cent diverted to state school aid and transportation, five per cent for horse racing and the rest into the Michigan Internet Gaming Fund.

Revenue from the tribal casino venues will be divided differently. Twenty-five percent will go to the Michigan Strategic Fund and 75 percent to the state’s gaming fund. An annual sum of at least  $1m will be earmarked for research into and treatment of problem gambling.

The news of the bill’s passage was welcomed by a number of companies, including internet gambling company GAN, which is one of two fully licensed B2B-only betting platform vendors operating in the sports betting market in New Jersey, and is well-positioned to provide services to Michigan casinos.

Click to comment

Leave a Reply

Your email address will not be published.

The Latest

To Top