New Michigan Sports Betting Bill Drafted
An eighth draft of the Michigan sports betting bill has been introduced to the public. This latest legislation has been long-awaited. The law comes six months after it was initially planned to be released. Representative Brandt Iden, introduced his igambling package which seemed to hold the Michigan sports betting legislature back.
There are three gambling sites in Michigan that are commercial. These casinos are located in Detroit. Around the state, you will find 26 casinos that are operated by 12 Indian tribes. In the beginning, stakeholders of the gambling industry were not onboard with the Michigan sports betting bill, but it seems like things have changed. However, the governor may still be a potential stumbling block with regards to this.
The eighth draft seems to be identical to the seventh draft that was rejected by many stakeholders in the gambling industry. However, the eighth version of the Michigan sports betting bill has less additional language definitions.
Slight Changes to the Michigan Sports Betting Bill
A lot has not changed from the previous Michigan sports betting bill that was introduced. Some of the changes the gambling industry should be aware of. Firstly, the bill will limit operators to offering only one sports betting platform. In the draft before this one, operators were offered three skins instead of one.
There are further changes that need to be looked at, such as the fees associated with obtaining a licence. Operators will have to pay a fee of $200, 000 for a license on sports betting which will have to be renewed every year at a charge of $100,000. A skins license will cost $50,000, and suppliers will have to pay a fee of $5,000.
The Michigan sports betting bill has also imposed an 8% tax rate on all the adjusted gross sports betting receipts.
It is still up to the Division of Sports Betting to finalise the rules within a year of the bill being enacted. The current draft also allows sports regulatory organisations the ability to prohibit betting by event or type. The House Regulatory Reform Committee has to approve this bill first. Representative Michael Webber has told the media that the Michigan State Budget Office is not happy with his current law.
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