Detroit Mayor Says Online Gambling Helped Offset Lost Tax Revenue During Pandemic
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Detroit received $26.6 million in iGaming and online sports betting tax revenue during Fiscal Year 2021. Detroit's auto plants and three retail casinos closed after March 2020 due to the spread of the coronavirus. The pandemic cost the Motor City about $348 million over the next 18 months.
Detroit Mayor says online gambling revenue has offset the losses of income tax revenue during Pandemic.
Before pandemic, land-based casinos paid Detroit more than $184 million in city wagering tax during 2019. The casinos will be closed from March 16, 2020, through July July.
Detroit's three casinos were closed during the virus pandemic. They submitted nearly $74 million in city wagering tax in 2020. In 2021, legal online gambling entered Michigan and Detroit received $59.35 million.
Detroit's mayor says online gambling helped offset lost tax revenue during the pandemic. The city just emerged from bankruptcy in 2014. Forbes reports that outside contributors agreed to put $800 million into Detroit’s underfunded pension plans in exchange for taking the Detroit Institute of Art's priceless collection of Van Goghs, Matisses and Picassos off the bargaining table.
