{"id":12581,"date":"2020-08-06T08:00:00","date_gmt":"2020-08-06T08:00:00","guid":{"rendered":"https:\/\/wordpress2.hdnweb.com\/2020\/08\/06\/michigans-sports-betting-and-online-gambling-to-bring-650m-in-first-year-revenue-according-to-michigansharp-com\/"},"modified":"2020-08-06T08:00:00","modified_gmt":"2020-08-06T08:00:00","slug":"michigans-sports-betting-and-online-gambling-to-bring-650m-in-first-year-revenue-according-to-michigansharp-com","status":"publish","type":"post","link":"https:\/\/wordpress2.hdnweb.com\/en\/2020\/08\/06\/michigans-sports-betting-and-online-gambling-to-bring-650m-in-first-year-revenue-according-to-michigansharp-com\/","title":{"rendered":"Michigan&#8217;s Sports Betting and Online Gambling To Bring $650M In First-Year Revenue, According to MichiganSharp.com"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">DETROIT<\/span>, <span class=\"xn-chron\">Aug. 6, 2020<\/span> \/PRNewswire\/ &#8212; Sports betting and online casinos could produce as much as <span class=\"xn-money\">$93 million<\/span> in first-year tax revenue in <span class=\"xn-location\">Michigan<\/span>, according to projections from <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2877992-1&amp;h=556679013&amp;u=https%3A%2F%2Fwww.michigansharp.com%2F&amp;a=MichiganSharp.com\" rel=\"nofollow\">MichiganSharp.com<\/a>.<\/p>\n<p>The first of <span class=\"xn-location\">Michigan<\/span><span>&#8216;<\/span>s online sports betting and casino platforms might launch by the end of 2020. This sets the stage for <span class=\"xn-location\">Michigan<\/span> to become one of the top online gambling states in the U.S.<\/p>\n<p><b>Competitive State Tax Rates Make for an Online Betting Hub<\/b><\/p>\n<p>Gross revenue from sports betting, both online and retail, will be taxed at 8.4% from the state. <span class=\"xn-location\">Detroit<\/span><span>&#8216;<\/span>s three commercial casinos pay an additional 1.25% city tax.<\/p>\n<p><span class=\"xn-location\">Michigan<\/span> hosts 26 land-based casinos, all of which can be expected to offer sports betting and online gaming to the state<span>&#8216;<\/span>s 10-million population at some point.<\/p>\n<p><span>&#8220;<\/span>All of the pieces are in place for <span class=\"xn-location\">Michigan<\/span> to become a major hub for sports betting and online gambling,&#8221; said <span class=\"xn-person\">Geoff Fisk<\/span>, analyst for <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2877992-1&amp;h=556679013&amp;u=https%3A%2F%2Fwww.michigansharp.com%2F&amp;a=MichiganSharp.com\" rel=\"nofollow\">MichiganSharp.com<\/a>. <span>&#8220;<\/span>Virtually all of the state<span>&#8216;<\/span>s casinos should want a piece of the new market, especially with the attractive tax rates.&#8221;<\/p>\n<p>By comparison, <span class=\"xn-location\">New Jersey<\/span> taxes land-based sports betting at 9.75% and online sportsbooks at 13%. <span class=\"xn-location\">Indiana<\/span><span>&#8216;<\/span>s online sports betting tax is levied at 9.5%, while <span class=\"xn-location\">Pennsylvania<\/span> taxes sports betting at 36%.<\/p>\n<p>State lawmakers passed House Bill 4916 in <span class=\"xn-chron\">December 2019<\/span>, which legalized both retail and online sports betting. The bill also brings online casinos and online poker to the state, setting the stage for <span class=\"xn-location\">Michigan<\/span> to become one of the biggest legal online gambling markets in the US.<\/p>\n<p>All 26 of <span class=\"xn-location\">Michigan<\/span><span>&#8216;<\/span>s retail casinos can apply for sports betting and internet gaming licenses through the Michigan Gaming Control Board. In a situation unique to <span class=\"xn-location\">Michigan<\/span>, the state<span>&#8216;<\/span>s three commercial casinos, as well as the 23 tribal casinos, are eligible to offer internet gaming.<\/p>\n<p>Online sports betting has proven massively successful in <span class=\"xn-location\">Pennsylvania<\/span> and <span class=\"xn-location\">New Jersey<\/span>. In both states, online wagering accounts for more than 80 percent of total sports betting revenue.<\/p>\n<p><b>First-Year Revenue Projections of <span class=\"xn-money\">$650M<\/span>, According to MichiganSharp.com<\/b><\/p>\n<p>MichiganSharp.com projects that the state could bring in as much as <span class=\"xn-money\">$400 million<\/span> in total first-year sports betting revenue, producing <span class=\"xn-money\">$33.6 million<\/span> in tax revenue for the state.<\/p>\n<p><span>&#8220;<\/span>Mobile wagering should be the major revenue driver for <span class=\"xn-location\">Michigan<\/span><span>&#8216;<\/span>s sports betting market,&#8221; Fisk said. <span>&#8220;<\/span>The convenience and ease of access of online sports betting opens up a whole new world of opportunities for both bettors and sportsbook operators.&#8221;<\/p>\n<p>Online casino and poker revenue will be taxed at 20-28% from the state, using a tier system dependent on earnings. MichiganSharp.com projects that online casinos and poker could earn as much as <span class=\"xn-money\">$250 million<\/span> in first-year operations, bringing in a possible <span class=\"xn-money\">$60 million<\/span> in tax revenue.<\/p>\n<p>MichiganSharp.com projects that total revenue from sports betting, online casinos, and online poker, could earn <span class=\"xn-money\">$650 million<\/span> in year one of operations, resulting in <span class=\"xn-money\">$93.6 million<\/span> in tax revenue for the state.<\/p>\n<p>For more analysis and news on the latest developments in <span class=\"xn-location\">Michigan<\/span><span>&#8216;<\/span>s legal gambling industry, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2877992-1&amp;h=556679013&amp;u=https%3A%2F%2Fwww.michigansharp.com%2F&amp;a=MichiganSharp.com\" rel=\"nofollow\">MichiganSharp.com<\/a>.<\/p>\n<p>Contact: <span class=\"xn-person\">Amber Hoffman<\/span>, Managing Editor of MichiganSharp.com: <a target=\"_blank\" href=\"mailto:amber.hoffman@i15Media.com\" rel=\"nofollow\">amber.hoffman@i15Media.com<\/a>\u00a0<\/p>\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA84400&amp;sd=2020-08-06\"\/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/michigans-sports-betting-and-online-gambling-to-bring-650m-in-first-year-revenue-according-to-michigansharpcom-301107177.html\">http:\/\/www.prnewswire.com\/news-releases\/michigans-sports-betting-and-online-gambling-to-bring-650m-in-first-year-revenue-according-to-michigansharpcom-301107177.html<\/a><\/p>\n<p>SOURCE  MichiganSharp.com<\/p>\n<\/div>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA84400&amp;Transmission_Id=202008060800PR_NEWS_USPR_____LA84400&amp;DateId=20200806\" style=\"border:0px; width:1px; height:1px;\"\/> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">DETROIT<\/span>, <span class=\"xn-chron\">Aug. 6, 2020<\/span> \/PRNewswire\/ &#8212; Sports betting and online casinos could produce as much as <span class=\"xn-money\">$93 million<\/span> in first-year tax revenue in <span class=\"xn-location\">Michigan<\/span>, according to projections from <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2877992-1&amp;h=556679013&amp;u=https%3A%2F%2Fwww.michigansharp.com%2F&amp;a=MichiganSharp.com\" rel=\"nofollow noopener noreferrer\">MichiganSharp.com<\/a>.<\/p>\n<p>The first of <span...\n<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-12581","post","type-post","status-publish","format-standard","hentry","category-geovanny-vicente"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Michigan&#039;s Sports Betting and Online Gambling To Bring $650M In First-Year Revenue, According to MichiganSharp.com - Multisitio 2<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wordpress2.hdnweb.com\/en\/2020\/08\/06\/michigans-sports-betting-and-online-gambling-to-bring-650m-in-first-year-revenue-according-to-michigansharp-com\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Michigan&#039;s Sports Betting and Online Gambling To Bring $650M In First-Year Revenue, According to MichiganSharp.com - Multisitio 2\" \/>\n<meta property=\"og:description\" content=\"DETROIT, Aug. 6, 2020 \/PRNewswire\/ -- Sports betting and online casinos could produce as much as $93 million in first-year tax revenue in Michigan, according to projections from MichiganSharp.com. 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