Michigan could see legal sports wagering in the foreseeable future, which is a move that would attract Canadian players in no time. Next week is going to witness Representative Brandt Iden introduce a sports betting bill that could reshape the field and build its solid foundation. It is projected to bring more to the proposed budding field, enriching it with mobile and brick-and-mortar sports wagering offerings.
In order to remain competitive and live up to the expectations of everyone interested in wagering on sports events, Michigan lawmakers have been working on this new bill for quite some time. From here on out, they would have to continue the productive conversation on the subject that could eventually lead to the anticipated greenlighting. This is crucial at the moment, as New York is preparing to welcome legal and regulated sports wagering in the foreseeable future.
Sports Wagering Would Soon Be a Reality
Even though New York still contemplates whether or not to introduce mobile sports betting to its players, Michigan has to be prepared for every outcome. This is why Rep. Iden would aim to bring the proposed bill to green light and make it a reality. This would maintain the future field competitive to other states that have already legalized sports wagering both in land-based casinos and online.
It could be recalled that March saw the introduction of an online gaming bill that goes by the name of HB 4311. It aims to modernize the local iGaming field and step up its game. Now, the new bill that would be proposed next week would aim to do so when it comes to the mobile and brick-and-mortar wagering on sports events.
What should be taken into account is that this bill is going to bring a new Sports Betting Fund. This would allow wagering on professional and college teams providing players and betting enthusiasts with the freedom to enjoy betting the way they are supposed to. The future conversation could bring changes to the language of the proposed bill.
Canadians Could Soon Make Their Way There
The bill is going to bring another crucial power in the future sports wagering field and this is going to be the Division of Sports Betting. It is going to keep a close eye on the budding field and offer the mandatory control and regulation that would guarantee positive results. As of now, the sports wagering bill includes bets to the likes of teaser bets, straight bets, totals, parlays, and more.
One of the crucial points when it comes to legal sports wagering is the tax applied to gaming revenue. In Michigan’s case, the proposed tax amounts to 8 percent of the gaming revenue generated. Professional sports leagues will benefit from the operation, as some 55 percent of the gaming revenue generated is going to be allocated to the Michigan Sports Betting Fund.
In addition to supporting local sports teams, this fund would also work towards minimizing the negative impact of sports betting. This includes support of the Compulsive Gaming Prevention Fund, aiming to promote healthy gaming behavior and help those in need of support.
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