Business & Investment

Michigan has legalized sports betting — according to one analyst, the state could generate $ 8 billion annually in sports betting

On friday, michigan will be 15th state to accept legal online betting Sport after approval from the Michigan Gaming Control Board.

“Michigan residents love sports and, judging from the inquiries we receive, are eager to use their mobile devices to place bets through commercial and tribal casinos,” said Gameboard Executive. director Richard S. Calm said in a statement.. “Online games and sports betting will provide casinos with new ways to engage with customers, and state and local communities will benefit from taxes and payments on stake income,” he added.

reference: Japan states that the report that the Tokyo Olympics have been canceled is “clearly not true”

Michigan will start online betting today as it passed a bill to legalize sports betting in 2020 and some casino operators will start betting at noon.

Many of the online casino operators who make their debut in Michigan are major brands in the sports betting industry, such as DraftKings.
DKNG,
-1.92%
,
William hill
WIMHY,
-0.25%
,
Bar Stool Sports
pen,
+ 2.07%
,
BetMGM
MGM,
-0.44%
,
win
win,
-1.57%

And Fan Duel.

Online Sports Betting is a betting revenue game changer. Face-to-face sports betting is negligible compared to online betting in most states. For example, in New Jersey, where sports spend the most money than any other state in the United States, about 90% of all bets are made online. Public data..

How popular is sports betting in Michigan?Bet analyst Dustin Gouker estimates that the state could produce $ 8 Billion Sports Betting Annual and total operator revenue of $ 500 million.

“Michigan is the second largest state in terms of the population that has legalized online sports betting and online casinos and poker, after Pennsylvania,” Gouker said. “Michigan’s business-friendly tax rates and competitive licensing fees will also attract businesses, and with a solid tribal and commercial casino infrastructure already in place, Michigan is ready for quick success. Should be done. “

If such an estimate were to come true, Michigan could generate as much as $ 40 million a year, according to Gouker.

Many states are considering legalizing sports betting as a source of income, especially during the COVID-19 pandemic, where state budgets are low.But New York Governor Andrew CuomoHaving long opposed the idea of ​​legalizing online sports betting, has been persuaded by the events surrounding the COVID-19 pandemic.

Each state that has legalized online betting often has its own set of quirky rules, so it’s important to look at the state’s betting rules before making a bet. For example, sports betting is legal in New York, but only at four retail casinos in northern New York. Virginia Limit bets on local college teams, And in Mississippi, you can bet online, Inside the casino..

The federal government gave the state legislative power to legalize sports gambling when the Supreme Court ruled that the ban on sports betting was unconstitutional in 2018.

According to the American Gaming Association, 20 states currently offer sports betting in addition to Washington, DC. In addition, some states have legalized bets, but are not currently accepting bets.

Michigan has legalized sports betting — according to one analyst, the state could generate $ 8 billion annually in sports betting

http://www.marketwatch.com/news/story.asp?guid=%7B21005575-02D4-D4B5-4572-D21E36E64B2F%7D&siteid=rss&rss=1 Michigan has legalized sports betting — according to one analyst, the state could generate $ 8 billion annually in sports betting

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