It may finally be time to get excited for sports betting for residents in Michigan. The wait for a legal sports betting bill seems to be nearing an end.
A couple of weeks ago, representative Brandt Iden said that he would be introducing a sports betting bill by the end of May. Well, it appears he will be doing so this week.
“I’ve been working with stakeholders behind the scene to make sure we get the language right,” said Iden.
Iden has made it clear that he would not introduce a bill until it was ready. One of his main focuses was to make sure that all of the potential stakeholders for legal sports betting would be completely satisfied with the proposed bill. It appears Iden may have finally reached that point.
By working with the stakeholders, Iden’s bill should be able to progress quickly through Congress, seeing as the stakeholders have already agreed to most of what is in the bill. This will help Michigan get its sports betting bill into law as quickly as possible.
Iden has already introduced one bill aimed at gambling. MI HB 4311 allows for online gaming but is having a hard time moving forward. The bill includes legalizing sports betting, poker, table games, and slots, all online. However, the House Ways and Means Committee has said that that bill will likely be vetoed.
So now Iden has moved his focus to propose a new bill. One that should be beneficial to all of those involved.
Details Of Draft
Legal Sports Reports has reportedly obtained a draft of the bill that Iden is preparing to introduce next week.
According to the draft that they obtained, the bill will indeed include online and mobile wagering. Under the bill, sports betting would be authorized not only online, but at the state’s 26 land-based casinos. Three of those casinos are commercial with the remaining 23 being tribal.
The bill will also establish the Division of Sports Betting as well as a State Sports Betting Fund. Iden’s bill has detailed information on exactly where all sports betting revenue will be allocated.
Fifty-five percent of the revenue will go to the State Sports betting fund. From that fund will come $1 million annually to help problem gamblers. Thirty percent of revenue will go to the city where the casino accepting the bets is located. Five percent will be given to both the Michigan Transportation Fund and the Michigan Agriculture Equine Industry Development Fund. Tax on sports betting revenue will be at a rate of 8%.
An initial licensing fee of $200,000 will be required, with a $100,000 annual renewal fee. There is no “integrity fee” in the bill. However, the bill will require the use of official league data for live-betting.
While those are the details from the current draft that Legal Sports Report has obtained, there is a good chance that some changes will be still be made in the bill down the road. Look for Michigan to try and pass this bill by June of this year.