Gambling in the USA

Michigan could attract as much as $8 billion in sports bets annually, according to PlayMichigan.com analysts

Published

4 years ago

December 20, 2019

Image by David Mark from Pixabay

Michigan could rival the largest legal sports betting markets in the country once it matures, attracting billions of dollars in bets each year and generating millions in tax revenue, according to PlayMichigan.com analysts.

When Gov. Gretchen Whitmer signed HB 4916 on Friday, Michigan became the 13th state to legalize online sports betting statewide and just the fifth state to legalize online casino gambling. And Michigan’s potential as a market is enormous, capable of generating as much as $7 billion to $8 billion in sports bets annually and $500 million in gross operator revenue, according to PlayMichigan.com projections.

“Michigan is the second-largest state in terms of population to have legalized online sports betting and online casinos and poker, behind only Pennsylvania,” said Dustin Gouker, chief analyst for PlayMichigan.com. “Michigan’s business-friendly tax rate and competitive licensing fees will attract operators, too. And with a solid tribal and commercial casino infrastructure already in place, Michigan should be poised for quick success.”

Michigan will tax sports betting gross revenue at 8.4%, and Detroit casinos will pay an additional 1.25% tax to the city. That makes Michigan among the most competitive compared to other legal jurisdictions. By comparison, Pennsylvania levies a 36% rate, by far the highest in the nation. New Jersey charges a 9.75% tax on revenue from retail sportsbooks and 13% on online sports betting revenue, and neighboring Indiana levies a 9.5% rate on its sportsbooks.

Even with the lower tax rate, sports betting could generate as much as $40 million annually for the state, according to PlayMichigan.com.

“Some in Michigan obviously wanted a higher tax rate, but the current rate should draw significant interest from sportsbook operators,” Gouker said. “That will help the market mature more quickly than markets such as Pennsylvania, where the ramp-up has been much slower despite having the largest population among all states with legal sports betting.”

Much of the future of Michigan sports betting depends on how much the state’s 23 tribes embrace online betting, which is a significant variable in how successful the industry might be in the state.

The same can be said for online gambling and poker, which could generate millions each year in gross revenue if it’s adopted by operators statewide.

Regardless, online gambling should eventually boost the online sports betting industry once it launches. In New Jersey, a symbiotic relationship has formed, spurring growth in both online casinos and online sportsbooks. And that relationship will likely develop in Michigan, too.

“The Michigan bill has clearly set up the industry to succeed and eventually become one of the largest markets in the country, as long as everyone buys in,” Gouker said. “By securing an operator-friendly infrastructure, the state should eventually realize its revenue goals to the benefit of Michigan as a whole.”

For more information and analysis on regulated sports betting in Indiana, visit PlayMichigan.com/news.

Gambling in the USA

Games Global Launches Custom Slot Game Caesars Palace Frenzy with Caesars Digital

Published

3 days ago

April 22, 2024

Alan Campbell

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

Published

3 days ago

April 22, 2024

Niji Narayan

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

Published

7 days ago

April 18, 2024

Peter Tolan

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.