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The First Two Weeks of Legal Online Gambling in Michigan

February 22, 2024 William Mcmaster

After decades of missing out on the opportunity to enjoy a good sporting event or online casino game and win money from it through online bets, residents of The Wolverine State can finally participate in online gambling activities.

The State of Michigan permitted the launch of legal online gambling within its borders at noon on Friday, 22nd January 2021. The timing of this development was perfect, especially for sports betting, because of the lineup for that weekend. For instance, NFL conference championship games were live and Michigan sports bettors got to watch and place wagers.

Some people have theorized that the license to operate given to some sport betting giants in the state was done in a bid to help the gambling industry recover faster from the impact of the COVID-19 pandemic. Whatever the reason is, online betting statistics within the first two weeks of this launch clearly show that Michigan is well on its way to becoming one of the foremost states in the US with thriving online gaming industry.

10 online casinos and sportsbooks were approved to launch that Friday by The Michigan Gaming Control Board (MGCB), which will now regulate their activities going forward. A new round of operators was added to these the following week. Seeing how things are going, it is only expected that we’ll see more online gambling operators trooping into the market.

Industry experts predicted that there would be an impressive response from gamblers across the state after the launch. Their projection was based on the residents’ attitudes to prior legal gambling activities in the state, the time of the launch of the casinos, and the anticipation that had built up over time. Many reports have come in about the gamblers’ activities so far in Michigan and they have shown that these predictions were right.

BetMGM’s CEO, Adam Greenblatt, confirmed that the platform’s launch in Michigan was their “strongest launch yet.” BetMGM Michigan reported that over 200,000 successful logins were recorded on their platform and more than 2 million spins were seen, all within the first seven hours of being launched in the state.

However, some customers complained of problems with the BetMGM app. A representative from the company affirmed that there were glitches at some point, but it was as a result of unusually high traffic. He said that the problem was rectified the same day.

Google Trends were analyzed by Michigan Sharp, a website dedicated to the online gambling space in Michigan. They discovered that the launch of online sports betting in the state generated more interest than any previously recorded launch within the past year.

Furthermore, GeoComply, a company that facilitates geolocation tracking for many online gaming operators also announced that over 7.5 million online gambling transactions were recorded in Virginia and Michigan. Virginia has only two online operators, compared to Michigan’s ten at the time of launch, hence, the location with the higher percentage is obvious.

Since virtually every bettor in the state of Michigan would be a first-timer, there was an avalanche of bonuses being claimed on all the platforms. Bettors who could not join the thousands that flooded the Michigan online casinos and sportsbook did so the following week. Many of the operators, having had the experience of the previous week could manage them better.

The Michigan Gaming Control Board has not released reports on the revenue generated so far, but they have corroborated reports of a large influx of players into the online gambling space since the Michigan online casino launch.

If you live in Michigan and are yet to jump on the wave of excitement sweeping through the Michigan online gaming world, you’re not too late. There are still loads of bonuses to be won and more than enough games and sports betting features to explore.

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BetRivers & PlaySugarHouse Big Game Offer

February 22, 2024 William Mcmaster

Promotions at online casinos are always amazing especially when players can put in new promo codes to get thrilling bonuses throughout the year. If you’re looking for an exceptional bonus offer, then we recommend checking out the new promotion released by Betrivers.com and PlaySugarHouse.com.

The new bonus is named the ‘BIG MATCH Deposit Match’. Yes, you guessed it right, the new promotion is a match bonus that gives users free money on their deposits. So what’s included in this new package? Here’s what you’ll get:

Deposit $100 and get $500 free in bonus money.

You might be asking “how do I get this awesome bonus? Don’t fear, we’ve got you covered here at ComparCasino. Use our provided link and head directly to the online casino. From here type in the promo code ‘BIGGAME500’ when making your first deposit at the cashier.

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The minimum deposit to qualify for this bonus is $100. You’ll initially be awarded with $100. Once a $100 or higher bet is placed on the big game between the Chiefs vs Buccaneers the online casino will give you the other $400 to bet on whatever you like.

The game takes place on the 7th February 2021 and the bonus is only valid until this date. So ensure you take advantage of this bonus offer while it lasts. You never know when the next big promotion will come around!

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US Gambling Stocks — What Will Happen in 2021?

February 22, 2024 William Mcmaster

When it comes to stocks you can buy stocks from several companies that are selling shares of their companies at reputable stock exchangers. Gambling stocks are currently a hot topic for several stock exchange enthusiasts and professionals.

There have been big changes in regulations for sports gambling across the US which could lead to a massive increase in stock prices of companies that implement sports betting on their platforms. In this article, we’ll go through what gambling stocks are and the massive potential they’ve got for 2021.

What are Gambling Stocks?

Stocks are a share of the company that is registered to sell portions of its company on the stock market. Gambling stocks are just that, It’s a share of the gambling company. The gambling company can decide on how many stocks it would like to sell and these stocks are traded, and the success of the business will either drive the price up or down depending on if good or bad news is released. We anticipate that 2021 will be a good year for gambling stocks.

Gambling stocks are exchanged and traded on several stock exchanges. Two of the top stock exchanges in the US include:

New York Stock Exchange (NYSE)
Nasdaq

These two companies have massive market caps. The NYSE is the biggest with a market cap of $19.3 trillion while Nasdaq has a market cap of $13.8 trillion. In case you were wondering, the world’s biggest stock exchange is the NYSE. The top 10 exchanges across the world are here www.marketinsider.com.

Why Will There Be a Price Pump?

The gambling industry has been significantly growing over the past 3 years within the US specifically. This has occurred due to the fact that gambling, in general, had been slowly legalized across several states. In 2018 the gambling industry raked in $6.5 billion, in 2019 a massive $13 billion was made. This was due to the legalization of online sports betting in the US. However, several of these betting forms were restricted. In 2021, some of these restrictions may be lifted which could lead to a massive increase in stock prices.

Currently, two new states, Virginia and Michigan are set to release sports betting for online/mobile devices. This will lead to several companies taking advantage of a larger market audience in two big states. There is also expected action to occur with gambling laws in the states of:

North Carolina
Ohio
Massachusetts
Connecticut
Georgia
Nebraska

There are still states which we’ve heard no news from in terms of easing restrictions for online sports betting. Those states currently include:

Nevada
Mississippi
Montana

What Does This Mean for the Industry?

With two states releasing online/mobile sports betting in their states, several providers will start to bring their sportsbooks to the market. Companies that were previously struggling with the restrictions on sports betting will have the pressure eased as opportunities will start to arise.

The consensus seems to be that other states will begin to ease restrictions and allow online sports betting. Slowly this will cause a domino effect and result in almost all states passing similar laws. The industry will start booming as an influx of money will start pouring into these casinos and sportsbooks. This will inevitably increase the stock prices of several gambling companies.

Yearly Returns On Gambling Stocks

As there have been some great gains for yearly returns for several gambling stocks, here is a list of some of these stocks and their crazy returns:

Gravity Co Ltd ADR: 433.29%
Penn National Gaming, Inc: 286.25%
Bally’s Corporation: 100.90%
Boyd Gaming group: 66.83%
Scientific Games Corporation: 63.67%
Churchill Downs Inc: 46.20%
Elys Game Technology Corp: 32.45%
Caesars Entertainment Inc: 29.76%
International Game Technology Inc: 19.86%
Full House Resort Inc: 18.30%

The US. News has in-depth information on each of the stocks mentioned above, including what they do within the gambling industry.

Conclusion

In the past 3 years, we’ve seen a surge in stock prices for several gambling companies. This occurred even though there were still restrictions in sports gambling across multiple states. This time around when the restrictions are lifted even more hopefully in 2021 expect a significantly higher increase in stock prices.

Online Gambling and Online Sports Betting Launches in Michigan Today!

February 22, 2024 William Mcmaster

The Michigan Gaming Control Board has authorized online sports betting and online gambling in the state, effective later today. The launch will come just over a year after the bill to legalize online gambling in Michigan was signed by Governor Gretchen Whitmer in 2019. Throughout 2020, regulators worked tirelessly to formulate policies and laws regarding the new online platforms.

Even though sports betting in Michigan was legalized in March 2019, wagers could only be placed in person at retail sportsbooks. Now that a new era of gambling has dawned on the state, online sports betting and gambling will be considered legal from Friday, January 22, 2021.

According to the Executive Director of the MGCB, the days between the endorsement on Tuesday and the launch on Friday will be to provide operators with ample time to test-run the online platforms and make adjustments, if necessary.

Nine retail operators are expected to go live by noon. This means that wagers can now be placed right from the comfort of your home, from your preferred mobile device and desktop devices. The authorized operators and their casino partners include:

William Hill Grand/ Traverse Band of Ottawa and Chippewa Indians
BetMGM/ MGM Grand Detroit
FanDuel/ MotorCity Casino
DraftKings/ Bay Mills Indian Community
Golden Nugget/ Keweenaw Bay Indian Community
Wynn/ Sault Ste. Marie Tribe of Chippewa Indians
TwinSpires/ Hannahville Indian Community
Penn Sports Interactive/Barstool Sportsbook Greektown Casino
Rush Street/ Little River Band of Ottawa Indians

The gaming control board expects to endorse more operators in the coming weeks once their requests have been reviewed and they have been confirmed to have met the licensing requirements of the state.

Friday’s launch is coming just in time for the Super Bowl and March Madness, which will begin shortly. The mobile apps can be downloaded immediately and bettors can wager on any sports, from the NFL to cricket, blackjack, slots, and many more. The DraftKings mobile app can be used from state to state.

“There are possibly residents in cities adjacent to Michigan who may be interested in Michigan online gambol, all they have to do is come to Michigan, register, and place their bets, and go back to their place of residence and continue betting from there” commented Johnny Avello, DraftKings’ director of race and sportsbook.

The Michigan Gaming Control Board confirms that three Detroit casinos recorded $639 million in revenue, a 56% reduction from the value reported in 2019. However, online sports betting and online gambling are expected to help casinos make up for the incurred losses and also generate tax for the state. Experts at MichiganSharp.com have predicted that Michigan online sports betting and online gaming could generate up to $650 million in revenue, while the tax projection revenue is at $93.6 million.

A tax rate of 8.4% applies to online sports betting, which is quite low when compared to other states where online gambling is legal. The tax rate for online gambling varies between 20% and 28%. It is expected that the 30% of the taxes received from the three commercial casinos – MGM and Grand Detroit, MotorCity, Greektown, will be allocated to the city of Detroit, 5% to the Michigan Agriculture Equine Industry Development Fund, and the remaining 65% to the Internet Gaming Fund.

Twenty percent of iGaming revenue will be allocated to the local regulatory authority, 10 percent for the Michigan Strategic Fund, and 70 per cent for the Internet Gaming Fund. Ninety per cent of sports betting revenue generated by tribal casinos will be allocated to the Internet Sports Betting Fund, while 10% will be allocated to the Michigan Strategic Fund.

The Future of Online Gambling in the USA

February 22, 2024 William Mcmaster

USA Online Gambling is something that has only just started to explode. In previous years it was something that was carried out by Blackmarket sites that had no regulation in place.

It still had a strong level of support from underground players and with the popularity of brick and mortar casinos, it was no surprise that states started to move towards legalizing gambling.

There were two main reasons behind this move. Firstly, to take online gambling away from shady influences. Secondly, to increase the amount of tax revenue that was available to each state. It’s led to the market becoming one of the fastest-growing in the country.

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A Growing Market

2020 was the year that online gambling was born in the USA. However, it is safe to say that 2021 will be the future of online gambling in the USA. The market has a lot of potential for growth due to it being in its infancy. This means two main things.

Firstly, US players could see a lot more coming to the market over the next year. Both in terms of companies entering the market and new games being allowed. Players could expect to see a lot more US gambling sites.

Secondly, more states could pass bills which allow online gambling to take place. This will enhance the growth of the industry and allow many more citizens the opportunity to place online wagers.

Changes in Regulation: State to State

Currently there are 19 states, and Washington D.C, that have passed bills to legalize online gambling. This is a number that is changing all of the time though.

On top of the 19 states that have already passed bills, there are another 28 that have brought bills or have recently had bills passed. So this means that 47 states in total, plus Washington D.C, either already has online gambling regulation in place or will have it in place in the near future.

As 2020 was when most sports betting bills were pushed forward, it’s no surprise that 2021 is likely to be the year where the majority of states will have some form of online gambling available to players. In fact, expect to see legal US gambling sites in those 47 states during the course of 2021.

Of the 3 remaining states, both Idaho and Wisconsin have not made any mention of either being for or against iGaming in the USA. The only state where it is unlikely to be available is Utah, which has a strong history of being against USA gambling.

Legitimized

Because New Jersey fought for the right to offer online gambling in the USA in the Supreme Court, it has become extremely legitimized in the eyes of the general public. It means that players no longer have to play at unregulated sites that were likely run by criminals, but they can now play at legit online gambling sites in the USA.

It has ensured that not only can players avoid shadier sites, but the introduction of regulations means that USA online gambling sites now have to have certain levels of safety and security in place. It’s no longer a pastime that causes players to worry about the safety of their bank details and personal data.

It means that the market now has an influx of safe online gambling sites in the USA. It’s something that players have been looking forward to for quite a while. The fact that many players used black market sites shows that there was an interest for the market. The rise of legitimate sites can only be good for both the industry and players.

Innovations Expected to Aid Growth

One area that iGaming is well known for is driving innovation. It’s long been behind a number of different technological advancements or has been the first to adopt tech that is now mainstream. This is unlikely to end in 2021 and here are just some of the advancements that players can expect to see.

Cryptocurrency

Crypto is already used as a payment method at a large number of online casinos and sportsbooks. However, one area that is only just having the surface scratched is blockchain games. There are already games that use blockchain technology to prove that they are fair, but this is just scratching the surface.

Blockchain technology could potentially open up a whole new genre of casino games and betting platforms. It’s actually theoretically possible that an entire online casino could be housed within cryptocurrency with the coin owned renting out the virtual land to casino operators. What the blockchain offers in the future is almost endless and 2021 could see it making a big splash in how US players play online.

VR and AR Gaming

This is another area that already has a small amount of market penetration but could grow significantly over the next year. Augmented Reality and Virtual Reality games could help to create the casino of the future for players.

Offering the ability to actually see and experience a full online casino as if you are actually there is getting close to being a possibility. If this launches during 2021, which is especially likely after the pandemic issues that 2020 brought, then US players could get to visit Vegas without leaving their homes.

Higher Levels of Optimization

One area that US players haven’t got the best of yet is optimized apps. A lot of apps have been created quickly in order to provide players with something to use for the new sites. It’s likely that these apps will be improved and optimized over the course of the next year. So US players can expect to get much better performance from their games in 2021.

A Bright Future for USA Online Gambling

Online gambling in the USA is just getting started. Players have a lot to look forward to in 2021 and beyond. The improvement of games, services, and features from online gambling sites added to more states offering regulated gambling means that it is likely to become the largest market on the planet by the end of the year. It has almost limitless potential.

Michigan Governor To Legalize Online Gambling In January 2021

February 22, 2024 William Mcmaster

One Signature Left for Interstate Poker

January brings more great news for Michigan online poker players. The state’s House of Representatives voted in approval of SB 991, which is a follow-up measure to the Lawful Internet Gaming Act. The bill is headed to Gov. Gretchen Whitmer‘s desk and is expected to be signed next week.

Poker players are one step closer to being able to take part in tournaments and cash games with players from other states. The bill will allow the Michigan Gaming Control Board to enter interstate compacts for online gambling.

Senator Curtis Hertel, Jr. lead sponsor of the poker measure, said that it was expected the bill would pass. The Senator also commented on how exciting it is to see Michigan being able to provide players with a stronger system.

”This is a complex package that has a lot of moving parts to it. But what it really does is provide better regulations in Michigan for gambling, and some financial resources for our schools, which is obviously needed.”

Online poker was first approved by the state in December 2019 as online casino gaming, poker, and sports betting will help bring more revenues to the state via taxes. This approval means that the board can now work with other states that have legalized online poker, such as Pennsylvania and New Jersey.

However, this will not open Michigan up to multistate online poker immediately. More rules and regulations had to be created along with operator vetting and licensing. The first online gambling operations out of 15 to get the green light, will start in January 2021.

Excerpt from the bill:

”The board may enter into agreements with other jurisdictions, including Indian tribes, to facilitate, administer, and regulate multijurisdictional internet gaming for poker by internet gaming operators to the extent that entering into the agreement is consistent with state and federal laws and if the internet gaming under the agreement is conducted only in the United States.”

While online gambling will likely begin in mid-January, it’s still unclear if poker will be among the first operations to begin in the state.

So what else needs to happen?

-Gov. Whitmer must sign the bill or let it become law. This will most likely happen very soon.

-The MGCB must enter a compact with other states. There is no timeframe for this just yet.

-Operators would have to go live with an expansion of interstate poker. It is unlikely that anyone would risk doing it at this point given the current Wire Act case in the federal court system.

In conclusion, while the new bill is great news, players may have to wait until they can play poker against a larger player pool, involving more than just the Michigan state residents.