Those who have been keeping track of the gambling industry and wanting to be a bookie pay close attention to any developments in the industry. Particularly developments form the US, especially since states can now choose to legalize sports betting. Since the PASPA repeal last year, states have been working to find a way to monetize the industry. Usually, it is in the form of taxes and licensing fees.
However, not all states are into online gambling. Michigan, for instance, has a bill for online gambling last year. But former governor Rick Snyder vetoed the bill. But since politics can play a huge role in legislation, maybe new people in power can legalize the bill.
Online Gambling in Michigan
One of the house committees has brought up the idea to re-introduce legal online gambling. As well as fantasy sports leagues to the state. One of the arguments, is that the industry already exists, and probably operates illegally in the state. Which means, the government is not able to capitalize on this. Another point was made, that Michigan has to be competitive with other neighboring states to keep the local businesses afloat.
Of course, the industry is not just having limits on the state level. You have sportsbook pay per head companies that operate internationally, and have a wide range of products. But still, the state would like to be able to generate money from taxes and license fees from operators.
The fantasy sports bill that is being discussed, is the Fantasy Contests Consumer Protection Act. Ideally, it will allow the Michigan Gaming Control Board to oversee the industry. The plans are for licensing fees at $50,000, then an annual renewal of $20,000. Meanwhile, online gambling will be for in-state residents, and casinos are to use geofencing to ensure the exclusivity of the platforms in the state.
The bills will be discussed further as the weeks come along. As of now, no one knows if the new governor, Whitmer, will be in favor or against these laws.