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Gambling in the USA

Michigan’s Sports Betting and Online Gambling To Bring $650M In First-Year Revenue, According to MichiganSharp.com

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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.

The first of Michigan‘s online sports betting and casino platforms might launch by the end of 2020. This sets the stage for Michigan to become one of the top online gambling states in the U.S.

Competitive State Tax Rates Make for an Online Betting Hub

Gross revenue from sports betting, both online and retail, will be taxed at 8.4% from the state. Detroit‘s three commercial casinos pay an additional 1.25% city tax.

Michigan hosts 26 land-based casinos, all of which can be expected to offer sports betting and online gaming to the state’s 10-million population at some point.

“All of the pieces are in place for Michigan to become a major hub for sports betting and online gambling,” said Geoff Fisk, analyst for MichiganSharp.com. “Virtually all of the state’s casinos should want a piece of the new market, especially with the attractive tax rates.”

By comparison, New Jersey taxes land-based sports betting at 9.75% and online sportsbooks at 13%. Indiana‘s online sports betting tax is levied at 9.5%, while Pennsylvania taxes sports betting at 36%.

State lawmakers passed House Bill 4916 in December 2019, which legalized both retail and online sports betting. The bill also brings online casinos and online poker to the state, setting the stage for Michigan to become one of the biggest legal online gambling markets in the US.

All 26 of Michigan‘s retail casinos can apply for sports betting and internet gaming licenses through the Michigan Gaming Control Board. In a situation unique to Michigan, the state’s three commercial casinos, as well as the 23 tribal casinos, are eligible to offer internet gaming.

Online sports betting has proven massively successful in Pennsylvania and New Jersey. In both states, online wagering accounts for more than 80 percent of total sports betting revenue.

First-Year Revenue Projections of $650M, According to MichiganSharp.com

MichiganSharp.com projects that the state could bring in as much as $400 million in total first-year sports betting revenue, producing $33.6 million in tax revenue for the state.

“Mobile wagering should be the major revenue driver for Michigan‘s sports betting market,” Fisk said. “The convenience and ease of access of online sports betting opens up a whole new world of opportunities for both bettors and sportsbook operators.”

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 $250 million in first-year operations, bringing in a possible $60 million in tax revenue.

MichiganSharp.com projects that total revenue from sports betting, online casinos, and online poker, could earn $650 million in year one of operations, resulting in $93.6 million in tax revenue for the state.

For more analysis and news on the latest developments in Michigan‘s legal gambling industry, visit MichiganSharp.com.

 

SOURCE MichiganSharp.com

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Gambling in the USA

Fanatics Betting and Gaming, Boyd Gaming Announce Missouri Partnership

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Fanatics Sportsbook Plans To Launch Online Statewide, Open Retail Sportsbooks Serving Kansas City and St. Louis Markets –

Today, Fanatics Betting and Gaming announced that it is partnering with Boyd Gaming Corporation in the state of Missouri.

Under the terms of their multi-year agreement, Fanatics Sportsbook will operate mobile sports betting under Boyd’s sports betting license in Missouri. The companies will open Fanatics-branded retail sportsbooks at Boyd’s Ameristar Casino Hotel Kansas City and Ameristar Casino Resort and Spa St. Charles, located near St. Louis. Fanatics plans to launch its online and retail betting products with the debut of regulated sports wagering in Missouri this December, contingent upon receipt of all required regulatory approvals.

Upon launching this December, sports fans across Missouri will be able to download the Fanatics Sportsbook on iOS and Android and begin their Fanatics experience. Winning Hits Different in Missouri on Fanatics Sportsbook with up to 10% FanCash back on every bet, win or lose; Fair Play™ injury protection; and events and experiences that only Fanatics can pull off.

Fanatics Sportsbook App in Missouri

The Fanatics Sportsbook retail locations at the two Ameristar casinos in Missouri will cater to guests looking to enjoy the ultimate sportsbook experience, offering legal betting markets for all major sports including professional and college football, basketball, hockey, baseball, tennis, soccer, golf, MMA, boxing and more. All development and trading of sports betting markets will be done in-house by Fanatics.

For more news and information on the pending launch of legal sports betting in the state of Missouri, follow the Fanatics Sportsbook social channels on X @FanaticsBook and on Instagram @FanaticsSportsbook.

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The post Fanatics Betting and Gaming, Boyd Gaming Announce Missouri Partnership appeared first on Gaming and Gambling Industry in the Americas.

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NYC Mayoral Front-runner Zohran Mamdani Says He Won’t Oppose Casino Development

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As a state lawmaker, Zohran Mamdani generally opposed plans to open full-scale casinos in New York City. In June, when he walked past a billboard showing betting markets for the city mayor’s race, he even quipped that “gambling is haram,” an Arabic word meaning forbidden.

But on Wednesday, Mr. Mamdani said that he did not intend to use his newfound political clout as the Democratic mayoral nominee and the race’s front-runner to try to stop the arrival of casinos that are widely considered a fait accompli.

Speaking alongside the leader of a union pushing the gambling expansion, Mr. Mamdani told reporters that while he still had doubts about the casinos backed by corporate giants, he respected the views of state voters who had approved the downstate gambling expansion more than a decade ago.

The post NYC Mayoral Front-runner Zohran Mamdani Says He Won’t Oppose Casino Development appeared first on Gaming and Gambling Industry in the Americas.

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Better Business Bureau Reports Increase in Online Gambling Complaints

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According to research from Better Business Bureau (BBB), the illegal online gambling market is nearly four times bigger than the legal online gambling industry; $402 billion to $103 billion (estimates from Researchandmarkets.com and the American Gaming Association, respectively).

The BBB says it has received almost 200 scam reports and more than 10,000 business complaints related to online gambling and gaming since 2022. Some scam reports involved theft, while complaints showed a pattern of unclear terms and consumer misunderstandings. In some cases, consumers lost tens of thousands of dollars.

Here are some common questions with answers from the BBB regarding online gambling:

What red flags should I look out for if using gambling or gaming services?

Big promises around payouts and tempting ads without details are common. Many people aren’t aware the people they are dealing with are in countries overseas. People should also be leery of sweepstakes-style games, payment through cryptocurrency and typos in names.

How can I avoid issues with gambling or gaming companies?

Read your state and provincial laws. There are many different laws for online gambling, depending on where you live.

Check for proper licensure. Even if your state allows gambling, it may have a limited list of allowed websites. Check with your state’s gaming agency to see who is licensed.

Read the fine print. The reality of how winning and withdrawal works may be different than your first impression on a website. Check out the details of a specific service and fully understand how they work before sending them any money.

Even legitimate websites may freeze winnings. There are many reasons why a casino or sportsbook might freeze winnings, even if the money is rightfully yours. Know what actions to take if your account is frozen.

Visit BBB.org to check out a business or register a complaint and BBB.org/ScamTracker to report a scam.

The post Better Business Bureau Reports Increase in Online Gambling Complaints appeared first on Gaming and Gambling Industry in the Americas.

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