Good news for sports betting and online gambling in Michigan. The House has approved new bills for legalization in the state.
A relevant fact: The U.S. Supreme Court in 2018 paved the way for all 50 states, including Michigan to allow sports gambling. To date, 13 states are on board according to the American Gaming Association.
This Michigan House has made a wise move given the fast past of the paid fantasy sports industry. Now the bills go to the Senate.
There is a tax involved of 8.75% tax on sports wagering receipts, less paid out winnings. This okay with Detroit’s three commercial casinos that now adhere to a 19% rate.
Also in play, the new tax for online gambling (excluding sports betting) will range from 4-19 percent for years one to three, depending on the revenues of the internet casinos. It would rise to somewhere between 8-23 percent.
Additionally, the city would garner a 3.25% tax in both sectors, according to Rep. Brandt Iden, the bills’ sponsor. The issue at hand now is the school aid fund.
In the words of spokesperson, Tiffany Brown,
“The administration has taken every meeting we’ve been invited to regarding this legislation and will continue to work closely with the bill sponsor, tribal leadership and stakeholders to address our concerns.”