Michigan Laws 432.416a – Monthly report of internet sports betting operations
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 432.416a
- Adjusted gross sports betting receipts: means gross sports betting receipts less a deduction for the monetary value of free play wagered by authorized participants as an incentive to place or as a result of their having placed internet sports betting wagers. See Michigan Laws 432.403
- Board: means the Michigan gaming control board created under section 4 of the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 432.403
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
- Internet: means the international computer network of interoperable packet-switched data networks, inclusive of additional technological platforms, such as mobile, satellite, and other electronic distribution channels. See Michigan Laws 432.403
- Internet sports betting: means operating, conducting, or offering for play sports betting through the internet. See Michigan Laws 432.403
- Sports betting: means to operate, conduct, or offer for play wagering conducted under this act on athletic events and other events approved by the board. See Michigan Laws 432.403
- Sports betting operator: means a person that is issued a sports betting operator license. See Michigan Laws 432.403
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Winnings: means the total cash value of all property or sums including currency or instruments of monetary value paid to an authorized participant by a sports betting operator as a direct result of a winning sports betting wager. See Michigan Laws 432.403
(1) A sports betting operator shall provide to the board a monthly report to include all of the following regarding its internet sports betting operations, by sport and type of internet sports betting wager:
(a) Total amount of internet sports betting wagers received.
(b) Winnings.
(c) Free play redeemed.
(d) Deductions.
(e) Adjusted gross sports betting receipts.
(2) The board shall provide the report under subsection (1) to the department of treasury, state budget office, and house and senate fiscal agencies on request. In addition, the department of treasury and the state budget office may request additional information from the sports betting operator that is directly related to, and for the purposes of verification of, the financial data provided under subsection (1)(a) and (b), which must be provided within 60 days after the request. Any information provided under this section is confidential and proprietary and is exempt from disclosure under the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246.