Sports betting is the act of placing a bet on the outcome of a sports event and predicting sports results. With the vast majority of sports bet taking place on gambling sites, the act of sports betting has become widely accepted across the United States. It has been estimated that sports betting tops the income gains of any form of online gambling in the United States. With this in mind, many people from all walks of life are becoming avid sports bettors. This increase in bettors has increased competition among sports bookmakers and has made Michigan the top state for sports betting. The presence of a number of sports bookmakers in Michigan has made sports betting more profitable.
In the next few paragraphs you will learn about the timeline of Michigan legalized sports betting. First, let us look at the timeline for sports betting in the State of Michigan. The Michigan Supreme Court has ruled unanimously in favor of legalized sports betting. On July 6th, the Michigan House of Representatives passed two bills that legalizing sports betting. These two bills are now being debated in the Michigan Senate.
The main provision in the new law is that all sportsbooks must be licensed by the Michigan Department of Licensing and Regulation. One provision allows sportsbooks to place sports betting odds on games not being played in their state or county. There is also a requirement that a sportsbook must inform all customers of all applicable terms such as start times, end times, and maximum bets.
Another provision in the new law makes sports betting more transparent by requiring bookmakers to post their odds. It also requires bookmakers to clearly spell out their odds and explain exactly how they determine those odds. If a bookmaker chooses to not disclose their odds, the customer is now allowed to make an intelligent decision about betting on that particular team/player. Previously, it was impossible to tell whether a bookmaker was basing its picks on logic or had some inside information. Now all bookmakers will have to stand up and be held accountable for their picks.
In late July, the Michigan House voted to pass two additional pieces of legislation. The first of these laws requires Michigan residents to complete an application for a sports betting license by the end of July 2021. This deadline will be three months before the next lottery draw. The second provision requires the Michigan State Board of License to develop and publish a timeline of its plans for regulating sports betting in Michigan by the end of October 2021. This timeline is due three months before the draft of the regulations for the 2021 lottery draws.
Both of these deadlines are important milestones in the development of a sports betting system in Michigan. Because the legislature didn’t put in place an immediate timetable for these deadlines, I suspect there will be considerable lag time before either of these laws become active. If you’re interested in placing a sports bet online in Michigan, now is definitely the time to act. The longer any regulatory framework is delayed the more money you’ll lose. In many states (not just Michigan) if you don’t bet online, you aren’t licensed to gamble at all.
With the timeline for the new regulated sports betting law in Michigan now out in the open it may be worth your while to get started sooner rather than later. The additional regulation and licensing fees and timeline will definitely boost up the cost of placing bets online in Michigan but, if done correctly, it will also drive up the perceived value of your wagers. If you’re smart, the added costs should be worth it in the long run.
At the end of the day, Michigan is a great sports betting state. You’ve probably heard of all the professional sports teams in the area and can visit their stadium or arena to see how they play. As far as sports betting goes, the Macomb County voters have clearly shown that they’re interested in supporting professional sports betting here. Hopefully, the timeline and regulation changes announced by the Department of Gaming and Sports Betting will push things along and help make Michigan the next state to allow sports betting come 2021.