Gambling and Sports Betting News December 12, 2019: Michigan Sports Betting Just Needs Governor Signature

Written by:
C Costigan
Published on:

Here are today's headlines in the world of gambling and sports betting as they happen - Thursday December 12, 2019.

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Michigan Sports Betting Bill Arrives on Governor's Desk

Will she or won't she?  Michigan Governor Gretchen Whitmer just needs to sign off on a series of gambling bills that have arrived at her desk, one of which is sports betting.

The odds are good she will give her blessing after a compromise was made to redo the tax structure to her liking.

House Bills 4916-4918; 4307-4312; 4323; 4173 cover casino gaming, fantasy sports, charitable gaming, and sports betting.

The plan allows the Michigan Gaming Control Board to regulate internet gaming and prohibits casinos from offering online games that directly compete with Michigan Lottery games, according to the Center Square.

The package would tax sports bets at 8.4 percent post-payout, with a tiered tax between 20 and 28 percent on internet gaming, depending on the revenue generated, plus local taxes.

Colorado Stakeholders Want Clarification on Prop Bets

From Sports Handle:

Colorado legalized sports betting by referendum in November and the new law mandates that sports betting be up and running by May 1, 2020. The law allows for retail and mobile sports betting. Hartman said 77 people and 55 companies would be part of the discussion this week.

During the general rules session Monday morning, stakeholders and Hartman agreed that the intent of the law is for betting on high school sports to be prohibited and that betting on e-sports would be allowed. Stakeholders also asked for a more clear definition of prop bets.

The discussion also included talk about how taxes would be paid to the state, the licensing timeline and a reminder from William Hill’s Danielle Boyd that sports betting is a low-margin business and that for every $1 billion in handle, only about $50 million would be taxable revenue.

Our Free Picks Record as of December 12

2019 NFL Record: 3-10 (0%)

2019 College Football Record: 4-2 (66.6%)

2019 MLB Record: 26-18-2 (59%) - No Plays Over -160

2018-19 College Basketball Record: 12-9 (57.1%)

2018-19 NBA Record: 7-5 (58%)

2018 MLB Record: 45-35 (56.2%)

2018 NBA Record: 12-4-1 (75%)

December 11, 2019

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- Aaron Goldstein, Gambling911.com

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