The United States now has the world’s biggest sports betting industry. Back in March of 2020, Michigan officially decided to legalize this form of gambling. New reports claim that Michigan’s sports betting industry is already bringing in a huge amount of revenue.
Michigan decided to allow online sports betting fairly recently. This is proving to be a great decision. Today, we’ll talk about how much money the sports betting platforms across this state are bringing in right now.
Let’s check it out!
Several States Inch Closer to Sports Betting Regulation
The US sports betting industry has grown exponentially since PASPA was removed back in May of 2018. Prior to that decision, only Nevada could offer sports betting options. PASPA’s removal gave every state the ability to legalize and regulate this form of gambling.
Several states immediately launched their sports betting platforms. Others began formulating bills to get this industry off the ground. 26 states around the country now have officially chosen to legalize sports gambling.
It’s proving to be an extremely valuable industry. Most of these states are earning valuable tax revenue from their licensed sportsbooks. It comes at a time when most states around the country are in serious need of additional tax money.
Casino companies across the United States are benefiting from legal sports betting, as well. Most of them have experienced massive drops in land-based gaming revenue. Sports betting is helping to make up for some of those losses.
Several states are expected to legalize sports gambling in 2021. That includes Oklahoma, Maine, and Nebraska. All of these states have sports gambling bills making their way through the legislative process.
Michigan’s sports betting industry is less than a year old. It is already proving to have one of the fastest-growing markets in the US.
Here’s a Quick Look at Michigan’s Sports Betting Industry
As we just mentioned, more than half the country now has a sports betting industry up and running. Many were pushing Michigan to begin regulating sports betting prior to 2020 due to the huge number of passionate sports fans here. Finally, lawmakers agreed and began regulating land-based sportsbooks in March of last year.
Some took issue with the fact that only land-based sports betting was legal. It has been difficult for many residents in the state to make their way to a licensed sportsbook with the regulations set in place. Analysts predicted a major surge in revenue if online sportsbooks were allowed here.
These predictions have turned out to be correct. The state’s first online sportsbooks first launched on January 22. Through the first ten days of operating, Michigan’s online sports betting platforms brought in an incredible $43 million.
The state itself earned $4.4 million in taxes from online sportsbooks. Richard Kalm, executive director of the Michigan gaming control board, spoke about these impressive revenue figures to the media this week.
“Internet gaming operators are off to a good start in Michigan,” Kalm said. “The taxes and payments from online gaming will provide funding for K-12 students, the city of Detroit and Michigan tribal communities.”
12 different online sportsbooks are now operating throughout the state of Michigan. It seems all of them are seeing significant revenue increases right now. We’ll be sure to report more on Michigan’s sports betting industry for the month of February.
New Jersey Remains the US Sports Betting Capital
It may not be long before almost every single state around the country has a regulated sports betting industry set in place. It’s simply too profitable for states to ignore. It’s also an extremely popular form of gambling amongst sports fans across the US.
New Jersey is without a doubt the sports betting capital of the United States. This was one of the first states to get its sports gambling industry up and running after PASPA was removed. It almost immediately allowed land-based and online sportsbooks to operate.
This state now has the most profitable sports betting industry in the country. Amazingly, revenue from this industry surged throughout 2020. Several new sports betting handle records were set here throughout last year.
This trend doesn’t seem to be slowing down. Last January, New Jersey’s sportsbooks set a new all-time revenue record high. The sportsbooks here managed to win an astounding $82.6 million over the course of the entire month.
New Jersey’s sports betting handle came out to $958.7 million for January. That’s another extremely high figure and proves that this state is the country’s sports gambling capital. No other state is seeing so much money flow in from this industry.
Are you surprised to see Michigan’s sports betting industry surging right now? Will this continue into February? Let us know in the comments section below!
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