Michiganders wager billions on sports

Michigan is eighth in the nation in the amount of money bet on sports since 2018, Axios' Jeff Tracy reports.

• Americans have wagered more than $125 billion on legal sports bets since PASPA was overturned four years ago.

Why it matters: The figures put into perspective the popularity of sports betting and quantify the value to local governments.

State of play: 30 states plus Washington, D.C., have live, legal sports betting markets. Five more have legalized it but are not yet operational.

Zoom in: The new industry is also a boon for Detroit, since casinos pay taxes to the city on sports betting receipts.

• The city expects to take in $74.6 million from online gaming and sports betting taxes next fiscal year, up from $71.1 million this year.
• The new income is among the main reasons why Detroit's revenue is recovering from pandemic lows better than expected — and exceeding pre-pandemic levels — according to a biannual fiscal report.

The latest: In April, $371.2 million was bet online on sports, according to the Michigan Gaming Control Board.

• That's nearly an 18% decrease compared to March.