LANSING, Mich. (WLNS)– A grand total of $127.4M dollars is what the Michigan Gamming control board reported Tuesday, for sports betting in March.
“It looks like March Madness added a bounce to the sports betting handle, which jumped 19.1 percent from February, and internet gaming seemed to increase in popularity with monthly adjusted gross receipts going up 18 percent from February,” said Richard S. Kalm. “This led to increases in taxes and payments, which means more funding for the City of Detroit, K-12 education, economic development and tribal communities.”
Internet gaming operators in Michigan reported $95.1 million in internet gaming gross receipts for March. Internet sports betting operators received $32.3 million in total gross sports betting receipts and reported a total handle of $359.5 million for the month.
Taxes and payments are based on adjusted gross receipts, which were $88.7 million for internet gaming and $19 million for internet sports betting during March. Adjusted gross receipts include deductions for the monetary value of free play incentives provided to and wagered by bettors. The operators delivered approximately $17.8 million in taxes and payments to the State of Michigan for March:
- Internet gaming taxes/payments: $17.3 million
- Internet sports betting taxes/payments: $535,930
For internet gaming, the state receives 70 percent of the total tax from the commercial operators and 80 percent of the total payment from tribal operators. The tax and payment rate ranges from 20 percent to 28 percent based on yearly adjusted gross receipts.
For internet sports betting, commercial operators pay 70 percent of the 8.4 percent tax to the state and 30 percent to the city of Detroit. Tribal operators make an 8.4 percent payment to the state on adjusted gross sports betting receipts.