As reported recently, the Michigan House of Representatives has passed a collection of crucial measures related to online gambling and online sports betting which could potentially see this state legalizing a full range of online gambling activities, online sports betting, and fantasy sports activities. If this happens, the state of Michigan will become one of many states which have already legalized these activities to some degree.
According to one report released by the Detroit Free Press news outlet, the already proposed legislation related to sports betting known as the House Bill 4916 has been set to join related compatriots as the Michigan State Senate faces related considerations. The House Bill 4916 has been passed for quite some time now by the one hundred and ten-member board via a vote of sixty-three to forty-five.
In the case of this proposed legislation being fully ratified by the state’s Governor Gretchen Whitmer, it would immediately institute a tax of 8.75% on all sports betting revenues. Moreover, it would also levy a duty of 3.25% on all wagers placed within any of the three casinos located in the city of Detroit. All in all, if the proposed legislation including House Bill 4916 gets fully ratified by the state’s Governor and the Michigan State Senate, residents of Michigan would soon enjoy fully legal sports betting activities.
The Campaign to Bring Betting Activities to the State
The Michigan House of Representative and one of his leading figures Brandt Iden is definitely set on bringing sportsbetting activities to the state. As revealed by Brandt Iden, this Midwestern state could enjoy a massive revenue of around $30 million just form sports betting wagers. Brandt Iden as the leading figure in the massive campaign also said that the state of Michigan in the case of legalizing sports betting activities could enjoy $225 million of gross gaming revenues form betting sports only.
This Republican also detailed that this legislation if passed would make the state of Michigan an extremely attractive iGaming market for many renowned operators especially as the already proposed levy of just 8.75% would be among the lowest in the USA behind the state of Nevada’s whose levy is around 6.75%.
Commenting on the news, one of the state’s representatives, Mr. Webber said to the Detroit Free Press news outlet that many states including neighbors of this Midwestern state have already made steps to legalize such gaming activities. He also added that these states have also already reaped the advantages of such actions. In the case of Michigan following their steps, the state could easily generate another massive revenue that can be used for public services, improving education, school systems and much more.
The Institution of a Revenue-Dependent Structure on Taxes
As reported by the Associated Press service, the measures on online sports betting and gambling which was passed to the Michigan House of Representatives via a sixty-two to forty-four margin definitely calls for the specific institution of a revenue-dependent structure for taxes which would start at four percent before it goes to twenty-three percent. It was also reported that this particular legislation would impose an additional duty of 3.25% on wagers placed at Detroit-based casinos. This extra duty, when combined with the other revenue pieces, adds an extra $100 million to the state’s budget. All in all, it remains to see what will happen with the proposed legislation and how the Michigan State Senate plans on handling it.