Michigan is now one more step closer to launching sports betting and online gambling. The good news for betting pros and enthusiasts in Michigan is that the state’s Senate Regulatory Reform Committee has approved the online gambling and sports betting legislation.
The voting process which would pave the way for the bill to be enacted into law would be put to vote possibly on Wednesday. Experts and those familiar with the matter say that the bills would be approved without much opposition.
Earlier at Casino.buzz we had reported that Michigan could approve the sports betting and online gambling legalization bill this week.
Not Been Easy
For propositions to legalize sports betting and online gambling in the state has not been an easy ride. In December 2018, the then-Gov. Rick Snyder vetoed against a bill to legalize online gambling and sports betting.
The bill was also met with opposition from lawmakers. However, with over a year since the Supreme Court legalized sports gambling, 19 states have already legalized sports betting.
With more US states accentuating their annual tax revenues with online gambling and sports betting operations, for Michigan, it has become more of a necessity, given the state’s limited funding options.
However, the bills approved had to be amended several times before finding the consent of the majority.
The revised bill approved by the Senate Committee on Tuesday mandates a tiered tax system wherein there is a tax of 20 percent for annual revenue under $4m; 22 percent for $6m up till a maximum of 28 percent for $12 million in revenue.
The bill also calls for a $50k fee for the application of a license. The selected operators will then have to pay an initial fee of $100k and annual renewals available for $50k.
The Senate also approved the bill allowing casino owners and their employees in Detroit to make political donations. There are three casinos in Detroit.