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Michigan could attract as much as $8 billion in sports bets annually, according to PlayMichigan.com analysts

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Michigan could rival the largest legal sports betting markets in the country once it matures, attracting billions of dollars in bets each year and generating millions in tax revenue, according to PlayMichigan.com analysts.

When Gov. Gretchen Whitmer signed HB 4916 on Friday, Michigan became the 13th state to legalize online sports betting statewide and just the fifth state to legalize online casino gambling. And Michigan’s potential as a market is enormous, capable of generating as much as $7 billion to $8 billion in sports bets annually and $500 million in gross operator revenue, according to PlayMichigan.com projections.

“Michigan is the second-largest state in terms of population to have legalized online sports betting and online casinos and poker, behind only Pennsylvania,” said Dustin Gouker, chief analyst for PlayMichigan.com. “Michigan’s business-friendly tax rate and competitive licensing fees will attract operators, too. And with a solid tribal and commercial casino infrastructure already in place, Michigan should be poised for quick success.”

Michigan will tax sports betting gross revenue at 8.4%, and Detroit casinos will pay an additional 1.25% tax to the city. That makes Michigan among the most competitive compared to other legal jurisdictions. By comparison, Pennsylvania levies a 36% rate, by far the highest in the nation. New Jersey charges a 9.75% tax on revenue from retail sportsbooks and 13% on online sports betting revenue, and neighboring Indiana levies a 9.5% rate on its sportsbooks.

Even with the lower tax rate, sports betting could generate as much as $40 million annually for the state, according to PlayMichigan.com.

“Some in Michigan obviously wanted a higher tax rate, but the current rate should draw significant interest from sportsbook operators,” Gouker said. “That will help the market mature more quickly than markets such as Pennsylvania, where the ramp-up has been much slower despite having the largest population among all states with legal sports betting.”

Much of the future of Michigan sports betting depends on how much the state’s 23 tribes embrace online betting, which is a significant variable in how successful the industry might be in the state.

The same can be said for online gambling and poker, which could generate millions each year in gross revenue if it’s adopted by operators statewide.

Regardless, online gambling should eventually boost the online sports betting industry once it launches. In New Jersey, a symbiotic relationship has formed, spurring growth in both online casinos and online sportsbooks. And that relationship will likely develop in Michigan, too.

“The Michigan bill has clearly set up the industry to succeed and eventually become one of the largest markets in the country, as long as everyone buys in,” Gouker said. “By securing an operator-friendly infrastructure, the state should eventually realize its revenue goals to the benefit of Michigan as a whole.”

For more information and analysis on regulated sports betting in Indiana, visit PlayMichigan.com/news.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Michigan could attract as much as billion in sports bets annually, according to PlayMichigan.com analysts

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Wazdan amplifies Swiss presence with GAMRFIRST launch

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Wazdan, the gain-focused developer behind some of the world’s most rewarding casino game experiences, has further expanded in the regulated Swiss market, taking its games live with GAMRFIRST.

The agreement sees a swathe of Wazdan games now available in Switzerland on the GAMRFIRST brand, the online arm of Casino Barrière Montreux, integrated via Gamanza’s iGaming Superstore™ platform.

Included in the deal are top-performing Wazdan titles such as 15 Coins™ and Mighty Wild: Panther, as the provider continues to deliver the world’s most rewarding casino game experiences with its suite of engaging mechanics.

Marking its seventh partner in the market, Switzerland remains a key source of growth for Wazdan as it continues to build momentum following its recent commercial expansion and launch of its award-winning Mighty Fish™: Blue Marlin title.

Andrzej Hyla, Chief Commercial Officer at Wazdan, said: “As one of the most important markets in Europe for Wazdan,we are delighted to bring GAMRFIRST.CH customers in Switzerland our comprehensive slot portfolio.

“The strong demand for Wazdan’s titles in Switzerland and beyond is a testament to our gain-focused philosophy that fuels our ambitions to deliver engaging experiences that players truly love.”

Clement Govinda, Director at GAMRFIRST said: “Wazdan has garnered a stellar reputation for its high-quality graphics and unique features that have captured the hearts of players worldwide.

“The provider’s commitment to developing rewarding casino experiences that empower players with more choice over their gaming style perfectly aligns with the preferences of our players and we have no doubt Wazdan’s titles will be warmly received by them.”

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Digitain Supplies Sportsbook to King.rs

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Digitain supplies Serbian operator King.rs with turnkey sportsbook solution

Digitain, a global leader in sportsbook and iGaming solutions, has announced that it has signed a deal to provide its turnkey solution to Serbian-based operator King.rs.

The turnkey solution from Digitain includes a proprietary sportsbook empowered by over 1,000 in-house risk managers and sports traders for +100 sports, +130,000 real live monthly events, 80,000 pre-match events each month, +15,000 leagues, +3,000 betting markets as well as casino games, a payment gateway, sports data and statistics along with enterprise tools for mobile, desktop and retail channels and Digitain’s in-house virtual sports, which provide +20,000 daily events and +150 betting markets.

“We are delighted to sign this commercial agreement with King.rs and welcome it to the Digitain business,” the Chief Sales Officer for Digitain, Ani Mkrtchyan, said. “Digitain continues to lead the way in iGaming and sportsbook innovation and King.rs shall not only have access to our propriety and award-winning sportsbook but features such as auto bet, bet builder, sports jackpots, instant cashback, push notifications and a social feature called Sportchat to drive player engagement and revenue growth.

“At Digitain, we are committed to delivering solutions that cater to the unique needs of our partner operators and their players across multiple markets. We look forward to a long and successful partnership with King.rs.”

“Digitain has proven itself to be one of the leading B2B providers over the last 20 years in sportsbook and iGaming solutions,” the Operation Director for King.rs, Dragan Djordjevic, said. “We have been impressed with the depth and breadth of the turnkey solution and the level of account management and support throughout this process. We look forward to Digitain’s solution to elevate and amplify our brand positioning across our operational B2C markets.”

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Xprizo appoints Sintija Rimsa as Head of Business Development to accelerate growth strategy

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Xprizo, a cutting-edge iGaming fintech platform, has appointed Sintija Rimsa as its new Head of Business Development to accelerate its growth strategy.

Rimsa will spearhead Xprizo’s ambition to deliver on its core objectives, with a focus on empowering gaming and leading industry companies to expand into emerging markets such as Africa, Asia, and LatAm. Rimsa has vast experience spanning AI, blockchain, and iGaming sectors which is complemented by a deep passion for innovative technologies.

Xprizo Head of Business Development Sintija Rimsa commented: “Joining the Xprizo family and playing a key role in its mission to revolutionise the payments industry is the perfect scenario. Together we’re pushing ahead at the forefront of the  sector to provide solutions for unbanked and under-banked communities.”

Before Xprizo, Sintija rose the ranks in business development and communications, mainly advising startups, ecosystem partners, VCs, and influential figures in Dubai. Her work portfolio on investments, business development, and communications strategies within the blockchain, gaming, and AI fields have earned a reputation as an industry visionary.

“With Sintija heading up the biz dev team, Xprizo is well on course to achieve its ambitious goals, setting new benchmarks for innovation and inclusivity.” added Richard Mifsud, Xprizo Chief Vision Officer.

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