Gaming Industry Yields Record Revenue for Michigan in 2024
Michigan's thriving online casino and sports betting markets yielded significant returns for the state in 2024.
LISTEN TO THIS ARTICLE:Local casinos, iGaming, and sports betting generated over $500 million in the previous year for community and responsible gaming programs, according to a recent report released by the Michigan Gaming Control Board.
The state's School Aid Fund received a significant boost of $501.4 million, courtesy of taxes from casino wagering, online gaming, and other gaming-related revenue streams, supporting K-12 public education.
Breaking down the revenue, online casino taxes accounted for $388.5 million (77% of the total), while retail casinos and sportsbooks contributed $100.5 million, online sports betting added $12.9 million, and fantasy contests generated nearly $300,000.
Apart from education funding, Michigan's gaming revenues also supported other local initiatives. Around $14.5 million was contributed to responsible gaming programs, public safety, and agricultural and equine industries.
As we look back on another successful year, I am proud of the significant impact the Michigan Gaming Control Board continues to have on our state and its residents. From supporting education and first responders to tackling illegal gambling, the MGCB remains steadfast in its mission to protect consumers and enhance the public good.
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Michigan Lawmakers Eye Tax Hike
Despite the monthly contributions from the state's gambling industry, some lawmakers are seeking to increase taxes on gaming operators to boost state revenue.
Late last year, Michigan Senators Sam Singh and Jeremy Moss proposed a pair of bills that would slightly raise taxes on online casinos and sportsbooks. Under SB 1193, the tax rate for online sports betting would rise from 8.4% to 8.5%, while SB 1194 would impose an additional 1% tax on online casino gaming revenue.
Expectedly, the bills generated pushback and criticism from the members of the Sports Betting Alliance (SBA), including major operators FanDuel, DraftKings, and BetMGM.
The proposals failed to advance before the end of 2024 and will require a reintroduction to be considered in the new session.
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