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The Michigan horse racing industry will receive a substantial boost with over $8.1 million in taxes collected from regulated gambling in 2021.
The Michigan Agriculture Equine Industry Development Fund experienced a significant boost in revenue, thanks to various sources such as online sports betting, online casino gaming, Internet wagering, and simulcast wagering on horse races.
The fund saw a significant boost in 2021, reaching $8.2 million, thanks to the rise in tax revenue generated by regulated online sports betting and casinos. This marked a substantial increase from $2.3 million in 2019 and $2 million in 2020.
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What is AEIDF?
The Michigan Agriculture Equine Industry Development Fund aims to boost horse racing and other equine competitions in the state, while concurrently providing assistance for horse breeding and conducting industry-oriented research.
“Investing in Michigan’s rural communities remains a priority, as stated by Henry Williams, Executive Director of the Michigan Gaming Control Board. The AEIDF plays a crucial role in promoting economic development by offering funding opportunities in these areas. The proposed fiscal year 2025 budget further strengthens these efforts, providing continued opportunities for investment.”
Where did the money come from?
Michigan legalized online sports betting and casinos on January 22, 2021, leading to a significant increase in tax revenue for the state during its inaugural year.
Online casino gaming generated over $1.1 billion in revenue during Year 1, resulting in tax contributions exceeding $279 million. Out of this amount, $4.5 million will be allocated to the AEIDF.
The revenue generated from online sports betting surpassed $337 million, resulting in tax earnings of $15.1 million. Out of this amount, a portion of $412,498 will be allocated to the AEIDF.
Each year, the AEIDF is allocated 5% of the taxes collected from online sports betting and online casino gaming in Detroit casinos. However, the funding is limited to a maximum of $3 million per fiscal year from each tax source. It’s important to note that the payments made by tribal operators for these types of gaming do not contribute to the fund.
The tax revenue generated from simulcast wagering at Michigan horse tracks amounted to $1.8 million, while online wagering on simulcast horse races contributed $1.3 million in tax revenue.
In Michigan, there are three licensed third-party facilitators for online wagering on simulcast horse racing: TVG Network (owned by FanDuel Group), Churchill Downs TIC (TwinSpires brand), and XpressBet. Additionally, NYRABets LLC obtained a conditional license in 2021. However, it is important to note that Michigan sportsbooks are not allowed to provide pari-mutuel wagers on horse racing.
Horse racing tax revenue up in 2021
The reopening of Northville Downs for the entirety of 2021 proved to be a beneficial investment for the state. The only horserace track in the state successfully conducted 53 live races and provided simulcasting services throughout the year. The eagerly awaited live racing will recommence on March 11.
The track experienced two closures in 2020 due to COVID-19: from March 18 to August 14, and from November 18 to December 21.
In 2020, the state collected a total of $954,540 in taxes from simulcasting and $839,124 from third-party facilitator wagering.
