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DraftKings Sportsbook’s entry into the Michigan sports betting market appeared to be inevitable and imminent.
Thursday was the day when it occurred.
After a delay, DraftKings Sportsbook has finally unveiled its Great Lakes State partnership, following the footsteps of its competitors.
The Bay Mills Indian Community, a Native American tribe in the eastern Upper Peninsula, is the operator of two casinos located in Brimley. One of the casinos, known as the Bay Mills Resort & Casino, holds the distinction of being the longest-running casino in the state, having opened its doors in November 1995.
Upon the launch of Michigan’s mobile sports betting, which is expected to take place later this year or in early 2021, Thursday’s deal introduces one of the highly sought-after online sportsbook brands to a potentially competitive market.
The collaboration enables all residents within the state to utilize the DraftKings app for placing sports bets.
DraftKings expects strong Michigan online market
Currently, DraftKings has established its presence in the mobile sportsbook market across several states including Colorado, Indiana, Iowa, New Jersey, New Hampshire, Pennsylvania, and West Virginia.
Similar to FanDuel’s operation and branding at MotorCity Casino in Detroit, the Boston company will also manage a retail sportsbook at Bay Mills Resort & Casino in Brimley.
DraftKings has revealed that this will mark the establishment of its seventh branded retail sportsbook, as it joins the already announced or operating facilities in Colorado, Iowa, Mississippi, New Hampshire, New Jersey, and New York.
Ezra Kucharz, the chief business officer for DraftKings, expressed enthusiasm about partnering with Bay Mills Resort & Casino in a news release. He emphasized DraftKings’ dedication to offering customers an exceptional sports betting experience. Kucharz acknowledged the abundance of gaming prospects in the Great Lakes State and expressed excitement about working together with Bay Mills to deliver residents the top-notch experience that DraftKings is renowned for.
Bay Mills was one of the only partners remaining
The Bay Mills tribe is among the 15 options in Michigan for creating a partnership, alongside 11 other federally recognized tribes and three commercial casinos in Detroit.
Michigan has already welcomed brands like FanDuel (located at MotorCity Casino), BetMGM (found at MGM Grand Detroit), William Hill (operated by Grand Traverse Band of Ottawa and Chippewa Indians), and FOX Bet (owned by Little Traverse Bay Bands of Odawa Indians).
The western U.P. will witness another collaboration between a global brand and a tribe, as Australia’s PointsBet joins forces with the Lac Vieux Desert Band of Lake Superior Chippewa Indians.
The partnership with DraftKings has the potential to attract sports enthusiasts to Brimley, alongside the existing Kings Club Casino run by the tribe.
“In the release, Bryan Newland, tribal chairman for the Bay Mills Indian Community, expressed his enthusiasm for our latest collaboration with DraftKings. Our primary objective has always been to enhance the range of entertainment choices available at Michigan’s longest-standing gaming establishment. The introduction of our on-site DraftKings Sportsbook Michigan will undoubtedly serve as another compelling incentive for Michiganders to choose the Upper Peninsula as their preferred vacation destination.”
DraftKings recently became Michigan taxpayer for DFS
Over the past few months, DraftKings has established a familiar relationship with Michigan regulators.
Under the recently signed expanded gambling laws by Gov. Gretchen Whitmer in December, the Michigan Gaming Control Board is now responsible for regulating and taxing daily fantasy sports operators at a rate of 8.4%.
DraftKings, along with FanDuel and SportsHub Games Network, is a licensed operator and listed on the books.
In the first quarter, the gaming control board disclosed that fantasy contest operators generated adjusted revenues amounting to $2.8 million, consequently contributing $240,547 in tax revenue to the state.
Furthermore, companies such as Fantasy Football Players Championship, FullTime Fantasy Sports Network, Yahoo Fantasy Sports, and Fantasy Draft are currently operating within the Michigan DFS space, adhering to legal guidelines, although they have not obtained complete licensing yet.
DraftKings stock continues strong performance
The recent public debut of DraftKings has been followed by a continued upward trajectory in its stock prices.
The stock’s opening price on the Nasdaq market was approximately $17, but it surged to over $41 on Thursday morning.
Analysts interviewed by Legal Sports Report express the belief that DK has the ability to safeguard and expand its existing market share throughout the United States. This is attributed to the strength of its brand, database, and the advantages it gains from operating at a large scale.
DraftKings has high expectations in Michigan. In their recent announcement, the company revealed that more than one-third of individuals from Michigan who showed interest in online sports betting have already placed legal sports wagers. These bets were made either online in another state or internationally.
According to them, “An additional 55% of individuals had no prior experience with online betting, indicating potential interest among casual bettors when entering the market.”
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