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Can you summarize MICL 432.406?
LAWFUL SPORTS BETTING ACT (432.401 - 432.419) > Sports betting operator license; application; fee; form and contents; confidentiality; prohibited conduct.
Short Summary
This section of the Michigan Compiled Laws governs the issuance of sports betting operator licenses. The licenses can be issued to either a person holding a casino license under the Michigan Gaming Control and Revenue Act or an Indian tribe conducting class III gaming in a casino located in Michigan. The applicant must submit an application and pay the required fee. The board will determine the eligibility and suitability of the applicant based on various factors, including financial ability, compliance history, criminal record, and involvement in bankruptcy proceedings. The license is valid for a 5-year period and can be renewed. The board must keep all information related to the license application confidential. The applicant must also pay a license fee at the time of issuance and annually thereafter. Internet sports betting can only be offered once licenses have been issued to at least one person under each category and the governor agrees to add sports betting under the tribal-state gaming compact. An exemption is provided for institutional investors holding less than 25% equity in an applicant. No specific penalties are mentioned in this section.
Whom does it apply to?
Applicants for a sports betting operator license
What does it govern?
Sports betting operator license
What are exemptions?
An institutional investor that holds for investment purposes only less than 25% of the equity of an applicant under this section is exempt from the licensure requirements of this act.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Michigan