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Online Gambling & Sports Betting Sites Raking in Millions After 10 Days Of Operations

CBS Detroit - Ever since online gambling was signed into law in Michigan, you cannot watch TV or an online video for some sort of betting app or website. It would seem everyone is getting on the action in what is sure to be a multi-billion dollar industry. Michigan stands to make a lot in tax revenue as according to the Detroit Free Press, tribal casinos will pay 8.4% in taxes, and casinos and internet-based gambling sites will pay a range from 20% to 28% based on adjusted gross receipts.

Now only after just 10 days of legal gambling in Michigan which began on January 22, the Detroit Free Press also reports online gambling and sports betting brought in $42.7 million in gross receipts according to state regulators. Internet-based gross gambling receipts totaled $29.4 million. Sports betting sites had $13.3 million in gross betting receipts from a total handle of $115.2 million.

Of the massive take from the various wagering going on, the State of Michigan has received $4.4 million in taxes. The three casinos in Detroit have paid $1.37 million in city wagering taxes and service fees. The tribal operators offering online gambling have paid $428,615 to their various tribal governing bodies.

Richard Kalm is the executive director of Michigan's gaming control board. He says internet operators are off to a good start. "The taxes and payments from online gaming will provide funding for K-12 students, the city of Detroit, and Michigan tribal communities," he said in a statement to the Detroit Free Press.

According to the Detroit News, the Michigan Online Gambling law which was signed in by Governor Whitmer last year, only allows the state's licensed casinos to offer sports betting and online gaming. Providers outside the state can partner with Michigan-based casinos to offer their services. There are 12 authorized online and sports betting operators in Michigan currently.

2021 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Information from The Detroit Free Press and Detroit News contributed to this report.

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