Semi-OT: Michigan on Verge of Legalizing Sports Gambling
Michigan is on the verge of becoming the latest state to legalize sports gambling. For those who live in Michigan, how would this affect you, if at all?
I wouldn't plan on becoming a regular gambler, but count me in for going to a sportsbook whenever I go to a casino instead of putting pennies in a slot machine.
Would any of you take advantage of this becoming legal?
December 12th, 2019 at 4:27 PM ^
Does this mean I can download an app that’s easy to use ? Easy to bet and easy to collect ? And free of extra fees or taxes that will kill any chance to break even or even come out a little ahead ?
December 12th, 2019 at 6:42 PM ^
Yes they will likely have where you can bet over your phone that said the chances of somebody coming ahead long-term betting on sports is less than 5%.
Still can be lots of fun as long as one has realistic expectations
December 13th, 2019 at 1:23 PM ^
I don’t plan to come out ahead long term. Basically would like to break even. Some years (like this year I have hit 62% in college football) I can do great and the bad years are not too bad. So overall I can enjoy betting and not lose any money.
December 12th, 2019 at 4:31 PM ^
It will change what I do at the casino during the 2-3 trips I take per year. And when my friend insist on staying for hours, I won’t mind.
December 12th, 2019 at 5:03 PM ^
I assume this means the local casinos will up their venues for watching sports? If it can replace a trip to Vegas for March Madness because Detroit casinos can match the atmosphere and fun of a zillion TVs and lots of people, I'd be up for that. I still won't wager, but they'll get my beer and food money, and yeah some friends will put a little money down.
December 12th, 2019 at 5:25 PM ^
I can understand the thrills/addictive nature of drugs, booze, and extreme sports.
I've never understood the attraction of gambling of any sort. Zero desire to set foot in a casino.
December 12th, 2019 at 6:40 PM ^
Look at it as entertainment with a chance to get back extra money. No different than spending 20 bucks on the movies but this way you could actually win money.
That said if you educate yourself you can turn gambling into investing. Very difficult to do no doubt but in certain situations can be done
December 12th, 2019 at 7:50 PM ^
I gamble with my investing in the markets, so I think I partially get what you're trying to tell us.
December 12th, 2019 at 6:53 PM ^
Sucks for you. My Vegas weekends were some of the funnest times of my life.
December 13th, 2019 at 9:36 AM ^
In some respects, when controlled, gambling is far, far safer than taking drugs for the occasional thrill.
December 12th, 2019 at 5:37 PM ^
Not my thing but I'm glad they are doing it, tax all the things!
December 12th, 2019 at 5:44 PM ^
Yes please
would definitely like to go to a sports book at a casino and place a few bets.
December 12th, 2019 at 6:12 PM ^
Sound like they are also adding online poker to this bill as well.
December 12th, 2019 at 6:13 PM ^
I'm not a sports gambler, but super excited to do some onlne poker.
December 12th, 2019 at 6:38 PM ^
December 12th, 2019 at 6:41 PM ^
Looks like winnings on sports bets and poker will be taxed at 20-28%. You need to win 70% of your bets to break even. Good luck.
December 12th, 2019 at 6:45 PM ^
They're not taxing the sports bettors they're taxing the casinos. No state has came out yet with anything that's higher than -110 for a standard bet. They'd lose out to much to the black market if they did.
Minus 110 means you have to win 52.7% to show a profit
December 12th, 2019 at 7:17 PM ^
Tax rate on betting gains is set at 8.4% in Michigan. Detroit casinos also take 3.25% city tax. The feds will also want their cut...its ordinary income.
of course if you have to pay taxes on your gambling winnings, you’re doing well...so, congratulations
December 12th, 2019 at 8:10 PM ^
You still get to deduct your gambling losses
December 12th, 2019 at 8:32 PM ^
Lol...you don't declare your winnings. Only your losses!
December 13th, 2019 at 9:48 AM ^
I almost never gamble -- but this I'd partake in every now and again.
Will we be able to do it online? Cuz I know I'm not gonna actually go anywhere to do it.
January 30th, 2020 at 2:43 PM ^
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April 22nd, 2020 at 11:04 PM ^
Gambling isn't my hobby but I don't mind playing poker with friends. But because of the COVID outbreak, you have to stay home. I decided to try online gambling. I found this link where I found a review on one site. Gonna try it soon.
If you have some more information about this, please share.
You know, I heard about such discussions. As for me, I believe that it could be a kind of blessing for all the people from that state. It could definitely decrease the level of crime there. You can open a roulette for people and nobody will play illegally. That's it. Just think about it.