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The Michigan horse racing industry will receive a significant boost with over $8.1 million in taxes collected from regulated gambling in 2021.
The significant earnings for the Michigan Agriculture Equine Industry Development Fund were boosted by the involvement of online sports betting, online casino gaming, Internet wagering, and simulcast wagering on horse races.
The fund’s balance soared to $8.2 million in 2021, owing to the surge in tax revenue generated by the introduction of regulated online sports betting and casinos. In comparison, it stood at $2.3 million in 2019 and $2 million in 2020.
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What is AEIDF?
The primary objective of the Michigan Agriculture Equine Industry Development Fund is to advance horse racing and other equine competitions within the state. Additionally, it provides essential support for horse breeding endeavors and conducts research that contributes to the overall growth and improvement of the industry.
Michigan Gaming Control Board Executive Director Henry Williams stated in a release that the AEIDF plays a vital role in fostering economic development by offering financial support in the rural regions of Michigan. He further mentioned that the proposed fiscal year 2024 budget aims to sustain and expand investment opportunities in these rural communities.
Where did the money come from?
On January 22, 2021, Michigan legalized online sports betting and casinos, which proved to be a lucrative source of tax revenue for the state in its inaugural year.
The online casino gaming industry generated over $1.1 billion in revenue during its first year, resulting in tax contributions of over $279 million. Out of this amount, the AEIDF will receive a funding of $4.5 million.
The revenue generated from online sports betting amounted to over $337 million, resulting in $15.1 million in taxes. Out of this tax revenue, the AEIDF will receive $412,498.
Each year, the AEIDF is allocated 5% of the taxes collected from online sports betting and online casino gaming at Detroit casinos. However, the funding for the AEIDF is limited to a maximum of $3 million per fiscal year from each tax source. It’s important to note that payments made by tribal operators on these types of gaming activities are excluded from contributing 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, three licensed third-party facilitators enable online wagering on simulcast horse racing. These include TVG Network (owned by FanDuel Group), Churchill Downs TIC (operating under the TwinSpires brand), and XpressBet. Additionally, NYRABets LLC held a conditional license in 2021. However, it’s important to note that Michigan sportsbooks are not permitted to offer pari-mutuel wagers on horse racing.
Horse racing tax revenue up in 2021
The reopening of Northville Downs in 2021 proved to be a profitable venture for the state. Throughout the year, the state’s only horserace track conducted 53 live races and provided simulcasting services. The upcoming season of live racing will commence on March 11.
Due to the COVID-19 pandemic, the track experienced two closures in 2020. The first closure lasted from March 18 to August 14, while the second closure occurred 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.
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