Gambling in the USA
Michigan’s Sports Betting and Online Gambling To Bring $650M In First-Year Revenue, According to MichiganSharp.com
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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Chris Schroder
State of Colorado Marks One Year of Successful Self-Exclusion List for Responsible Gambling
The Colorado Division of Gaming announced that almost 300 people enrolled in the state’s Self-Exclusion Program, ahead of the effort’s one-year anniversary.
The Self-Exclusion Program, which launched in September 2023, is a crucial tool in promoting responsible gaming throughout the state and each signature is a significant step for each person who enrolls.
When people enroll in the Self-Exclusion Program, they voluntarily exclude themselves from participating in gaming activities offered under the regulatory purview of the Colorado Limited Gaming Control Commission and the Colorado Division of Gaming.
“We are encouraged by the positive response to the Self-Exclusion Program in its first year. The fact that 288 Coloradans have signed up demonstrates the importance of offering resources for those who seek to manage their gaming habits,” said Division of Gaming Director Chris Schroder.
This initiative is part of Colorado’s broader efforts to foster a safer and more responsible gaming environment. In addition to the Self-Exclusion Program, the Division offers a variety of resources aimed at promoting responsible gaming, including public education campaigns, responsible gaming grants, and access to a 24/7 helpline.
The Self-Exclusion Program is confidential and free of charge, providing individuals with the option to exclude themselves for a period of one year, five years, or even a lifetime. During the exclusion period, participants are barred from entering and gaming at any of the state’s licensed casinos, as well as they are unable to redeem points, bonuses, comps, or freeplay.
Gambling in the USA
Gaming Americas Weekly Roundup – September 2-8
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
Golden Matrix Group announced that the Company is progressing in its efforts to expand its market presence, particularly with its anticipated entry into the U.S. iGaming market. The Company, through its subsidiary Expanse Studios, which specialises in the production and distribution of iGaming content, is currently in the process of applying for the New Jersey Casino Service Industry Enterprise license.
Comanche Nation Casino has been recognised as the No. 1 Casino in the state at Oklahoman’s annual Community Choice Awards. The award programme recognises destinations throughout Oklahoma that provide exceptional service and experiences to the community and guests. Award finalists were invited to an awards gala at the Embassy Suites in Oklahoma City. In attendance to accept the award on behalf of Comanche Nation Casino was Shandi Tahhahwah, General Manager, and Megan Norberto, Marketing Manager.
The Esports Integrity Commission has announced that the highly anticipated ESIC Global Esports Summit (EGES) will make its US debut in 2024. The summit, a pivotal gathering for the esports industry, is set to take place on October 3 and 4, 2024, at the prestigious Georgia World Congress Center in Atlanta, Georgia.
Betr Holdings Inc., a leading sports gaming and media company, announced the launch of its peer-to-peer product “Group Mode” for Betr Picks, as well as the soft launch of the new Betr Sportsbook, just in time for the NFL season. With the launch of Group Mode, Betr Picks is now live in Florida and Massachusetts, with Virginia, Arizona, Tennessee, Missouri, Alabama, West Virginia, New Hampshire and Delaware to be launched imminently, which will have Betr Picks live in 33 states plus Washington, D.C.
New Partnerships
MGM Resorts International and BetMGM announced that they are once again partnering with the American Gaming Association to promote Responsible Gaming Education Month (RGEM 2024) in September. The two companies will execute their responsible gaming campaign at designated National Football League stadiums for the second year, with increased exposure for GameSense.
Allwyn announced its support of the U.S. premiere of Dvořák Dreams, an immersive, A.I.-generated digital exhibition by renowned artist Refik Anadol. This is the second year Allwyn has sponsored the international tour of this exhibition, underpinning its commitment to supporting the arts and innovative cultural initiatives across the globe. Allwyn’s support means the exhibition is free for the public to experience.
FaZe Clan, one of the most prominent and influential gaming organisations in the world, and G FUEL, the leading energy drink formula for gamers and creators, announced the revival of a new multi-year, multi-million-dollar sponsorship and licensing deal. This partnership is one of the largest transactions in GameSquare’s history, where FaZe Media will receive an equity component in G FUEL as part of the contract, further aligning the two companies’ core community-focused values and fostering deeper collaboration to drive growth and engagement within the gaming ecosystem.
EPIC Global Solutions and Bally’s have announced a groundbreaking three-year partnership aimed at promoting responsible gaming and making a positive impact on communities. This collaboration positions both organisations as leaders in responsible gaming within the gaming industry.
The post Gaming Americas Weekly Roundup – September 2-8 appeared first on European Gaming Industry News.
10 Ten Gaming
US-Based 10 Ten Gaming Launches SmilesCasino.com
10 Ten Gaming has announced the launch of SmilesCasino.com, a new social casino poised to transform social casino gaming.
Smiles Casino aims to offer an unparalleled free-to-play social gaming experience to users across the US via innovative technology, exceptional customer service, and exciting promotional offerings.
The proprietary platform is designed to be easily accessible for all users without the need to download or purchase, providing a thrilling Vegas-style experience from home or on the go.
“We are delighted to launch SmilesCasino.com and look forward to providing the ultimate social casino experience for our users. Smiles Casino transports users to a wonderland of fun and entertainment, while providing safe and secure gameplay in a responsible social gaming environment,” said Carly Sawers, Head of Marketing at 10 Ten Gaming.
Among the many features available on Smiles Casino, users receive a welcome bonus, daily complimentary coins, tailored promotions, a vibrant social media community, and outstanding customer support.
New games are added weekly to an already expansive portfolio of popular game titles spanning a multitude of genres.
The launch of Smiles Casino is the first step in 10 Ten Gaming’s vision to stand at the forefront of the social casino landscape in the US.
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