Ever since the Supreme Court ruling that allowed states to legalize sports betting, many states have embraced this ruling. So far, three states have legalized it and in addition, Legalized Sports Betting in Michigan may soon become a reality. According to several PPH News websites, Michigan has just introduced two gambling bills to legalize sports betting within their borders.
Bill HB 4040 would legalize sports betting in casinos located in Michigan while Bill HB 4926 would legalize online gambling. Once the Michigan Senate is back in session, a vote is expected for HB 4926. Gambling experts believe it will get enough votes to become law and expect HB 4040 to follow suite.
However, several gambling companies are not waiting for the law to pass and are already getting ready to enter the Michigan Sports Betting Market. In fact, several Sportsbook Pay Per Head providers have been helping companies setup sports betting software and websites.
Michigan on Sports Betting
Even though several critics of gambling believe it will lead to an increase in addiction, several people disagree with them. Amongst them is State Representative Robert Kosowski who is a sponsor the HB 4060 Bill. Kosowski believes that gambling addicts would actually get more help as they would have the support of the casino staff.
Furthermore, he believes that Sports betting should be legal since people are already doing it by using online sportsbooks. Thus, by legalizing sports betting in Michigan, they would have more control over gambling addictions and illegal betting.
In addition, Michigan could use the revenue that legalized sports betting would bring to the state. Kosowski expects the legalization of sports betting to bring between half a billion to a billion in revenue to Michigan.
However, several sports betting experts believe that he is being optimistic with those numbers. This is because sportsbook revenue only makes up 5%-7% of the gambling handle. Thus,if a sportsbook takes one million dollar in bets, the sportsbook only makes $50,000. In conclusion, the state can only tax $50,000 and not 1 million dollars.