Legalized gambling and sports betting brings in money for schools

Legalized gambling and sports betting brings in money for schools

Between 1999 and 2021, licensed regulated gambling in Michigan boosted schools’ taxes by more than $2 billion, according to a new report.

Since the signing of the Michigan Gaming Control and Revenue Act in 1997, the Michigan Gaming Control Board has collected more than $2.5 billion from casinos in Detroit, as well as online sports betting, internet gambling, and fantasy contests. The money helped fund Michigan’s School Aid Fund and marks a significant contribution collected by the MGCB over the last two decades.

The taxes from online sports betting, fantasy contests and internet gambling are collected and transferred to the school fund at the end of the fiscal year. The taxes from Detroit casinos, retail sports betting and gambling are collected monthly and then allocated to the School Aid Fund.

The total amount of gambling taxes collected between 1999 and 2021 is over $2 billion. The amount of taxes that retail table games and slots contributed to was shown by the regulator. Between 2020 and 2021, retail sports betting operations raised 1.7 million dollars. For the year of 2021, online gambling activities brought in $87.2 million in taxes, while internet sports betting brought in $1.8 million. Fantasy contest operators contributed more than two million dollars in taxes from the start of regulation.

The MGCB takes action against illegal operations, as well as conducting license application reviews, ensuring compliance, and investigating regulatory breeches. According to the recent announcement, last year the regulator licensed or registered 2,021 entities, including related to the commercial casinos and internet gaming and sports betting. It said it completed more than 300 criminal investigations, of which more than 200 were related to public tips for illegal gambling operations.

Henry Williams stated that every dollar invested in education helps the future of the workforce in the state. He said that the MGCB is proud to collect taxes from legal, regulated gambling operators and help the school system in Michigan.

Williams acknowledged that the Board is committed to ensuring the compliance of retail and online gambling operators. He explained that visitors and residents of the state enjoy fair gambling activities. It is a big task for a small agency, but we have a reputation of getting things done.

Summary:

The Michigan Gaming Control Board (MGCB) announced that it had collected over $2.5 billion from casinos in Detroit, as well as online sports betting, internet gambling, and fantasy contests, since the signing of the Michigan Gaming Control and Revenue Act in 1997. The money helped fund Michigan’s School Aid Fund and marks a significant contribution collected by the MGCB for the last two decades.