Gambling in the USA
Michigan’s Sports Betting and Online Gambling To Bring $650M In First-Year Revenue, According to MichiganSharp.com
The state could see $94 million in tax revenue from sports betting and online casinos.
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
Gambling in the USA
Games Global Launches Custom Slot Game Caesars Palace Frenzy with Caesars Digital
Launch marks the first bespoke game launch in the partnership between gaming operator and premier gaming provider
Games Global today announced the exclusive launch of Caesars Palace Frenzy, a Caesars-branded slot title that marks the first bespoke game launch on behalf of Games Global’s partnership with premier gaming operator Caesars Digital. Caesars Palace Frenzy is now exclusively live on Caesars Palace Online Casino in New Jersey with plans to expand to Michigan and Pennsylvania, offering players another highly engaging, operator-specific gaming experience with iconic Caesars Palace branding.
Caesars Palace Frenzy combines the excitement of the Las Vegas Strip’s iconic casino with innovative gaming dynamics crafted by Games Global. Designed exclusively for Caesars Digital online casino players, this game delivers an online slot experience with engaging gameplay, sophisticated graphics and dynamic features like scatter pays, multiplied free spins selected by a concentric wheel and a seven-tier jackpot line-up.
This launch demonstrates Games Global’s continued emphasis on partnering with top iGaming operators to deliver exclusive and custom gaming products to players.
“Working closely with Caesars Digital to create Caesars Palace Frenzy has been an exciting journey,” the Chief Executive Officer for Games Global, Walter Bugno, said. “This game is more than just an online slot experience, it is an adventure that mirrors the thrill and grandeur of one of the world’s most iconic destinations. We’re thrilled to see it come to life and deliver a unique blend of entertainment and gaming.”
“We’re committed to collaborating with top gaming providers to launch custom online casino experiences for our players that can’t be found anywhere else,” the Senior Vice-President and Chief iGaming Officer for Caesars Digital, Matt Sunderland, said. “Caesars Palace Frenzy delivers on that commitment by providing an elevated gaming experience that we’re certain our players will enjoy.”
Gambling in the USA
Alabama-Coushatta Tribe of Texas Announces Plans to Build New Casino Resort
The Alabama-Coushatta Tribe of Texas has announced the plans to build a brand-new casino resort on its Tribal lands in Polk County.
“We are incredibly excited to embark on this new chapter. This new casino resort will not only provide significant economic benefits for those living and working in the region, but it will also become a vibrant destination for visitors,” Ricky Sylestine, Chairman of the Tribal Council, said.
While specific details are still being finalized, the new resort may offer a variety of amenities including a state-of-the-art casino floor, hotel accommodations, and diverse dining and entertainment options.
The Tribe has engaged the architectural firm FFKR to design the new resort. FFKR is known for its innovative and creative designs. The Tribe is confident the firm will create a truly exceptional destination.
In addition to the new casino resort, the Tribe is planning an extensive remodel to its existing Ischoopa/One Stop Convenience Store and Truck Stop. The remodel will include adding electronic bingo machines.
The Alabama-Coushatta Tribe of Texas will be releasing news related to the new resort and any additional developments in the coming months.
Gambling in the USA
BetConstruct to Display Its Products and Services at Sigma Americas
BetConstruct, a leading company in iGaming technology and services, is heading to Sigma Americas in Sao Paulo, Brazil from April 23-25, 2024.
Sigma Americas is a major event focusing on iGaming with 10,000 delegations and more than 200 professional speakers. This event serves as an exceptional platform for participants to present their innovative offerings, engage with fellow industry leaders, and establish new business relationships.
BetConstruct is poised to introduce its cutting-edge products and solutions to the growing Brazilian market at the upcoming event. As a premier provider of online iGaming solutions, the company will showcase its comprehensive range of services to all attendees, offering diverse solutions tailored to meet their specific needs and preferences.
Moreover, BetConstruct will demonstrate its newest Spettacolare offer by Mr. First, which is a fleeting opportunity to maximise user profits and explore the potential of FTN.
Attendees of the event can find BetConstruct in the Transamerica Expo Center at Stand O60, where they will have the opportunity to gain a comprehensive understanding of BetConstruct’s products and solutions.
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