$50.7m in state funds budgeted for the Michigan Gaming Control Board

On the 28 of June, the Michigan Legislature approved the state’s Fiscal Year 2024 budget, which includes $50.7m for the Michigan Gaming Control Board (MGCB), an increase of about $4.2 million from the previous allocation during the last fiscal year. Funding allocations are expected to take effect on 1 October.

 What’s included in new MGCB state budget funding

The additional funding includes $2.2m and 16 full-time equivalents (FTE) staff positions to support new gaming programmes, $2m in one-time funding to build an accounts receivable system integrated with an internal agency database and the state’s financial system.

The MGCB’s “Don’t Regret the Bet” responsible gaming messaging campaign, which was released earlier this year and offers advice and information to Michigan residents, will be supported by an allocated $3m in ongoing, annual funding as part of the agreement.

Last year, sports betting, one of the newest trends in the US gambling industry, generated $7.5 billion from over $93 billion in bets on sporting events. Additionally, online casino games yielded about $5 billion in revenue, up about 35% from the previous year.

“A well-funded gaming control agency is crucial for ensuring fair and honest gaming in the State of Michigan, preventing fraud and illegal activities, and addressing problem gambling.

“I sincerely appreciate the support from Governor Whitmer and the Legislature of a budget that will help the MGCB continue its responsible gaming messaging campaign, support our state’s growing gaming economy and allow us to grow our team and make investments into efficient systems that help strengthen our mission and integrity while supporting those we serve.”

Henry Williams, Michigan Gaming Control Board Executive Director

Industry Statistics

The gambling industry is among the fastest-growing sectors in the world. The global market reached a value of just over $449 billion in 2022 and is estimated to almost double by 2032 with a projected worth of $ 847.5.

The Asia Pacific region was the largest in the global gambling industry, accounting for 32.5% of the total revenue in 2022, followed by North America and Western Europe. The fastest-growing regions in the gambling industry are predicted to be North America and Western Europe, where growth will be at impressive compound annual growth rates (CAGRs) of 32.2% and 22.8% respectively. These will be followed by South America and Eastern Europe, where the markets are expected to register CAGRs of 8.3% and 1.7% respectively.

SIGMA PLAY’s presence in the North American market

SiGMA Play, a B2C affiliate portal, obtained a licence for iGaming and Sports Wagering from the West Virginia Lottery Commission towards the end of last month. This is the second acquisition for SiGMA Play for 2023, having obtained a New Jersey licence in early June.

Interested in iGaming? SiGMA is coming to Manila, The Philippines

Join us in Manila from the 19 -22 July for the SiGMA Asia International summit. The event is endorsed by PAGCOR and will take place at the SMX, Manila’s largest expo centre.