All eyes are on Michigan as the next state to go live after Tennessee hit the mark in November with sports betting.
<p>Sports fans and players in Michigan are eagerly awaiting news on when sports betting will finally be legal in the state as the days tick by to the planned launch. </p> <p>The state had originally planned to launch regulated sports betting early next year, but as the pandemic placed extra pressure on its gaming sector, launch plans have been fast-tracked. </p> <p>The end of this year has been set as the start date for regulated sportsbooks to go live.</p> <p>According to the <a href="https://www.michigan.gov/mgcb/0,4620,7-351-79256_98027---,00.html" target="_blank" rel="noopener noreferrer">Michigan Gaming Board website</a>, “depending on events, the rules could go into effect earlier… than the timeline indicates.”</p> <p>The operators are already lined up, with Wynn Resorts snapping up the <a href="https://wedgenews.com/news/analysis/wynn-sportsbook-launch-in-michigan-will-lead-to-minor-index-move/">last market access deal</a> when it signed with the Sault Ste. Marie Tribe of Chippewa Indians.</p> <h3>A competitive state</h3> <p>The list of likely opening day competitors is filled out by many of the big names in the US sports betting sector: </p> <ul><li>BetMGM</li><li>FanDuel</li><li>Fox Bet/PokerStars</li><li>DraftKings</li><li>Barstool Sportsbook</li><li>William Hill</li><li>Golden Nugget</li><li>PointsBet</li><li>BetRivers</li></ul><p>In a research note in mid-October, Chad Beynon, an analyst with Macquarie Research, said he expected Michigan to be a “major success” for Wynn and its partner GAN.</p> <p>He also said a successful launch in Michigan would “help other legislators legalize internet gaming in their states”.</p> <p>In a research note Monday, Beynon conservatively estimated that once Wynn launches it could gain a 5% market share in Michigan, generating $28m in revenue from online sports betting and $30m from internet gaming by 2025.</p> <h3>The road ahead</h3> <p>Currently Michigan is T13th in the <a href="https://wedgenews.com/wedge-index/">Wedge Index</a> with a tally of 13 points. Given the likely competitive set, as and when the state opens it will comfortably enter the top 10. </p> <p>Wedge News will detail later this week how Michigan’s gaming-friendliness will benefit from the launch of sports betting.</p> <p>The final draft regulations for online sports betting were sent to the Joint Committee on Administrative Rules in <a href="https://wedgenews.com/news/analysis/michigans-incoming-regulations-would-provide-wedge-index-boost/">mid-October</a>. </p> <p>One win for the sector was that the state dropped its original plans to have an official data mandate embedded within the rules. </p> <p>This was at the urging of leading operators DraftKings and FanDuel as well as data provider Sportradar.</p> <p>Without any further legislative issues, the hope is that it will get a clear ride through to being passed.</p>