Proponents of sports betting in the US state of Michigan received a blow on Friday as the state’s governor vetoed the regulation of a new sports betting sector in the state.  

Bill 4926 was passed by lawmakers last week and would have provided for the regulation of both online and land-based sports betting facilities at three casinos in Detroit and at 23 tribal gaming venues throughout the state. The Bill also proposed a tax rate of eight per cent. 

But in one of his last acts as Governor of Michigan, Rick Snyder has vetoed the Bill, dealing a blow to those who hoped to make Michigan the fifth US state to permit online gambling. 

The outgoing Republican, who leaves office on Tuesday, explained his reasoning in a letter to lawmakers, claiming that the legislation needs to be studied more carefully before it is authorised as there is not enough data to support the proposal at the current time.  

Snyder’s main concerns appear to be over the possible impact of legalised sports betting on the existing state lottery system, which makes a significant contribution to Michigan schools. He also suggested that it was not appropriate to authorise a law that would increase gambling in the state, while reducing tax revenue, as the proposed internet gambling tax percentage was lower than that for the existing lottery operators.  

The decision to veto the Bill came amid a flurry of activity from the outgoing governor, who also signed law that will divert tax revenue for schools to transport and environmental clean-up. 

Image sourced from Pixabay. 

Published by Marcus Holland

Marcus Holland is a professional betting and financial trading writer. He has been published on various leading websites including The Street, Investing.com, Wagered.com, and Futures Mag. You can contact Marcus at marcus@bettingreporter.com.

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