Michigan Reports Record Revenue in iGaming Sector, Sports Betting Figures Decrease

Michigan released its January revenue report, and according to it, the total revenue generated from online casinos operated by commercial and tribal operators was $229.6 million. The ps are related to gross receipts obtained from online gaming and sports betting. 

iGaming to hit records, sports betting decreased:

Compared to December 2023, a decrease of 5.4% has been recorded.

In January, the state recorded $181.9 million in gross receipts, and this result hit the records. The previous record was established in December 2023, and it was $181.4 million. However, when it comes to sports betting gross receipts, December was way more successful than January, with a revenue of $61.1 million, while in January that number was $47.7 million.

In total, the adjusted gross receipts (AGR) in the previous month were $183.0 million. From that amount, $164.2 million was generated from iGaming, and $18.8 million was obtained from online betting. iGaming recorded an increase of 0.5%, while sports betting dropped by 46.5%.

However, in January 2023, these ps were lower, and AGR in the iGaming sector was 18.7% lower, while sports betting increased by 5.4% in 2024.

When it comes to handles, the online sports betting handle was $577.4 million in January, which is 1.0% less than it was recorded in December, when the handle was $583.0 million.

State’s earnings:

According to the ps the operators reported, the state earned $31.3 million in taxes and fees from January’s revenue. Taxes and fees obtained from iGaming were higher, and the state earned $30.0 million, while internet sports betting generated $1.3 million in revenue for the state.

Detroit, which has lodi291 three operating casinos, earned $8.5 million in total from taxes and municipal services fees in the previous month. Taxes and fees obtained from the iGaming sector brought in $7.9 million, and online sports betting generated $614.400. The customers from Detroit seem to prefer online gaming and sports betting rather than land-based, since the land-based operators recorded a decrease in revenue of 8.8% compared to the previous year.

More:  Flutter Steps Up the Game, Rebrands PokerStars VR as Vegas Infinite

According to the official press release, the tribal operators from Michigan paid $3.6 million in taxes and fees to the state.

Regarding the online gaming and sports betting industry in Michigan, the state decided to focus on expanding the business, so in January it was decided to allow 15 operators, both commercial and tribal, to launch its online sports betting and gaming operations. Among them, all 15 operators decided to launch iGaming operations, while 14 launched sports betting as well.

The Michigan casinos have a successful year behind them, and according to the new results from the iGaming industry, the streak is about to be continued.