The bill amends the Lawful Sports Betting Act to specify the allocation of tax revenues generated from sports betting activities. It mandates that 30% of the tax revenue be directed to the city where the sports betting operator's casino is located, with funds designated for various local initiatives such as public safety, neighborhood development, and taxpayer relief. Additionally, 65% of the tax revenue will be deposited into a state fund, while 5% will go to the Michigan agriculture equine industry development fund, with provisions for excess funds beyond $3 million to be redirected to the state fund.

Furthermore, the bill establishes the Internet Sports Betting Fund within the state treasury, which will be administered by a designated board. The fund will cover costs associated with regulating internet sports betting and allocate specific amounts to various programs, including compulsive gaming prevention and support for first responders. Remaining funds after these allocations will be deposited into the state school aid fund. The act is set to take immediate effect upon approval.

Statutes affected:
Substitute (H-1): 432.415, 432.416
House Introduced Bill: 432.415, 432.416
As Passed by the House: 432.415, 432.416
As Passed by the Senate: 432.415, 432.416
House Concurred Bill: 432.415, 432.416
Public Act: 432.415, 432.416
House Enrolled Bill: 432.415, 432.416