Total gross online gambling revenue, comprising igaming and sports betting, amounted to $229.6m. This was 22.6% ahead of $187.3m in Michigan last January but 5.3% less than December’s $242.5m record for total gambling revenue.
Figures include licensed commercial and tribal igaming operators in Michigan.
Gross igaming revenue was 18.4% higher year-on-year, surpassing the $153.7m reported in January 2023. The total also narrowly beat the existing monthly record of $181.4m set in December.
Turning to sports betting, gross receipts here reached $47.7m. This was 40.7% higher than $33.9m in the same month last year but 21.9% less than December’s $61.1m. As for handle, the $577.4m wagered in January was 21.4% higher than in the previous year.
In terms of adjusted gross receipts (AGR), which account for promotional deductions, this hit $183.0m, up 20.7% year-on-year. Adjusted gross igaming revenue climbed 18.7% to $164.2m, with adjusted gross sports betting receipts also up 5.6% to $18.8m.
As for tax, licensed operators paid $31.3m in taxes and payments to the State of Michigan during January. This includes $30.0m in igaming taxes and fee, as well as $1.3m for sports betting,.
In addition, some $8.5m was paid in wagering taxes and municipal services fees to the City of Detroit. This comprised $7.9m in igaming payments and $614,400 in sports betting tax and fees.
Tribal operators also reported making $3.6m in payments to governing bodies in January.
Detroit casino revenue falls in January
The increase in online gambling revenue is in contrast to the decline in the Detroit land-based sector.
Last week, it was revealed Detroit’s three casinos recorded $94.4m in monthly revenue, a year-on-year drop of 8.8%. This was also 18.8% lower than December’s monthly total.
Some $93.9m came from table games and slots, while $500,221 was generated by retail sports betting.
In terms of market share, MGM held 48% in January. MotorCity held 30%, while Hollywood Casino at Greektown took up 22%.
Original article: https://igamingbusiness.com/finance/michigan-igaming-gross-revenue-reaches-record-in-january/
