Summary:
- The $181.9 million in casino gross receipts was an all-time high for the state.
- January to December earnings dropped by 5.4%.
- Sports betting bets online came in at $47.7 million.
Commercial and tribal online gambling services are doing well in Michigan, with the industry bringing in over $229 million in earnings for January 2024.
This total was spread throughout sports betting and casino gaming, with operators hitting a new monthly revenue record for the third month running.
Online Casino Gaming Leads the Way
The iGaming industry brought in the bulk of the total at $181.9 million. This was a small increase of 0.3% from December. The Michigan Gaming Control Board also reported that sports betting gross came in at $47.7 million. This was a large drop of 21.9% when compared to December earnings.
When looking at the totals year-over-year, the adjusted gross revenues in Michigan were up by 18.7%. sports betting was boosted 5.4%. The total online sports betting handle in the state was well over $577 million, which is a 1% decrease from the previous month.
The uptick in gaming online has been seen over the past few months, and the activity is showing no signs of slowing down. What is causing the increase in gameplay? Are players opting for the online version due to ease of use or location?
It seems the industry is growing, and we should see even more growth as 2024 continues. So far, Michigan has fallen short behind other states like New Jersey from time to time, based on revenue earnings. If the trend keeps up, we may see Michigan top the list as a main market for iGaming in the US.
It will be interesting to see if February totals are just as high and if the state is able to break another record for all-time revenues.
Taxes and Payments
Every online gaming operator in Michigan must pay taxes and fees for the right to offer services. In January, the state produced $31.3 million in taxes and payments to the state. The bulk came from iGaming at $30 million. Sports betting provided a much smaller $1.3 million.
Three commercial casinos in the Detroit area offer land-based and online gaming options. MotorCity, Hollywood, and MGM Grand Detroit brought in $8.5 million to the city and state thanks to iGaming. Tribal operators paid $3.6 million.
Players are still traveling to the physical casinos to explore gaming options, overnight stays, dining, and other entertainment. Though, it seems that online gaming and sports betting may be the new way that residents and visitors are getting in on the gambling action in Michigan.
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