Online sports betting bill was officially passed into last Friday, December 20 after governor Gretchen Whitmer signed the bill. As a result three commercial and 23 native american casinos are now legally allowed to offer sports betting at their premises as well as online, pending licensure.
The New Law Legalizes iGaming, Internet Casinos and Fantasy Sports
Under the new law, Michigan will not only provide sports betting companies that will come to operate in the state in the future with licenses but also will legalize those who already have casino licenses including the tribes who have already been running their casinos.
Before betting begins, however, state regulators still have to provide strict requirements regarding offering sports betting in the state.
Michigan went a bumpy road before approving the sports betting legalization thus joining the group of the 20 states in the country offering legal sports betting.
Yet, it is important to note that the legislative commission in Michigan wouldn’t have come up with such a positive outcome for the gambling industry if the bill’s supporters haven’t changed a big part of the bills and arguments in it to. The package of regulations that was signed by governor Gretchen Whitmer includes Internet casino gambling, online poker and daily fantasy sports.
Rep. Brandt Iden, the bills’ the main sponsor who has been working on amending Michigan gambling laws for quite a long time stated that he was extremely happy that Michigan has finally modernized its gaming.
Gambling Profits to be Invested in Education
For her part, governor Whitmer said that her top priority when signing the legislation was to protect and ensure the investment of the future profits in the School Aid Fund, because according to her the students deserve leaders who treat their education as a priority.
She expressed her gratitude for the hard work and leadership of Sen. Hertel and Rep. Elizabeth Warren. She stressed one more time that the profits from gambling are going to be invested in education.
Whitmer was one of the supporters of legalizing sports betting claiming that iGaming activities needs to be regulated in the state.
In June she lobbied for a 15-percent tax and 1-million license fee. However the bill she signed is for 50,000-dollar sport betting fee for a first-time application, $100,000 for obtaining license and $50,000 per year to be paid to the state. There will also be a tax of 8.4% on adjusted gross sports betting receipts as commercial casinos might have to pay an extra city tax of 1.25% to Detroit.
Now everybody is waiting to see how long it will take to Michigan to have the regulations up and running. According to Sen. Curtis Hertel Jr. the regulations will probably become operational until March Madness.
