Connect with us
NSoft

Latest News

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

Published

on

chicago-1791002_1280 Michigan could attract as much as $8 billion in sports bets annually, according to PlayMichigan.com analystsReading Time: 2 minutes

 

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.

Latest News

Scientific Games and Golden Nugget Expand iGaming Partnership, add Sports Betting

Published

on

Golden-Nugget-stabbing Scientific Games and Golden Nugget Expand iGaming Partnership, add Sports Betting  Golden Nugget Represents Another Sports Betting Win for Scientific Games as the Company Continues to Build its Industry Leading Roster of Premier Sports Betting Partners Scientific Games Corporation and Golden Nugget, LLC, a leading US casino operator, have agreed to expand their iGaming partnerships in a new multi-state, multi-product, multi-channel agreement. Building on a […]
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: Scientific Games and Golden Nugget Expand iGaming Partnership, add Sports Betting

Continue Reading

Latest News

Playson Reports Great Success at ICE London 2020

Published

on

9-12 Playson Reports Great Success at ICE London 2020  Casino software provider Playson has reported great success at ICE London 2020. This year was the company’s busiest ICE yet, with 85 pre-scheduled appointments and more than a dozen on the spot meetings each day at February’s massive event held at ExCel London. The Playson stand at ICE welcomed over 1000 delegates including several […]
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: Playson Reports Great Success at ICE London 2020

Continue Reading

Latest News

UKGC Suspends Operating Licence of Addison Global

Published

on

8-10 UKGC Suspends Operating Licence of Addison Global  The UK Gambling Commission (UKGC) has suspended the operating licence of Addison Global. “We have decided to commence a review because we suspect that Addison Global has breached a condition of the licence and is unsuitable to carry on the licensed activities. We consider it appropriate to suspend the licence with immediate effect pending […]
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: UKGC Suspends Operating Licence of Addison Global

Continue Reading

Trending

European Gaming Media and Events is a leading media and boutique event organizer in the European Union with a monthly reach of +50,000 readers. The official company (PROSHIRT SRL), has been listed for 4 years in a row among the top 3 Advertising and market research agencies in the local Top Business Romania Microcompanies based on the Financial Reports.

Contact us: sales@europeangaming.eu

Editorial / PR Submissions: editor@europeangaming.eu

Copyright © 2015 - 2020 European Gaming Media and Events. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.