Why Michigan’s $115 million in January online sports betting wasn’t a big tax windfall – CDC …

Michiganders have been bombarded with online sports betting advertisements, and those efforts paid off for operators, with $115.2 million wagered over just 10 days in January.

But that hasn’t been a boon to the state’s bottom line just yet.

The Michigan Gaming Control Board reported Wednesday that operators paid $4.4 million in taxes for January, off of gross receipts totaling $42.7 million. Free bets and promotions put a dent in the operators’ taxable winnings.

“The overall takeaway is the overall number ($115.2 million in handle),” Chris Altruda, a national sports betting analyst for MiBets.com, told MLive. “I was a little surprised at the amount of promotional revenue that wounded up taking place. In some ways, I should not be surprised, but at the same time, to see the gross revenue be $13 million and the net (revenue) be minus-$5 million was a little eye-popping.”

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