Michigan’s total gaming revenue beat the previous record of $171.8m in March and $160.3m in October, the Michigan Gaming Control Board stated. Total igaming handle was not reported.
November’s total online sports betting handle of $568.8m also set a new monthly record – up 6.7% from $533m in October. However, online sports betting receipts fell from $45m to $33.9m versus the previous month.
Accordingly, igaming and sports betting gross receipts totalled $209.2m in November. This represented a 1.9% increase on October’s total.
Sports betting falls in Michigan
Combined igaming and internet sports betting adjusted gross receipts (AGR) for Michigan in November totalled $158.1m. This included $157.8m from igaming and just $294,810 from online sports betting.
The November totals represented a month-on-month 9.4% increase and 98.7% decrease for igaming and online sports wagering. Meanwhile, year-on-year, AGR for igaming was up 20.5% and for sports betting AGR nosedived by 98.9%.
No reasons were given by the regulator for the drastic fall in sports betting receipts for operators. However, other jurisdictions, including Massachusetts and Washington, DC, also reported a successful month for punters versus operators in November.
A total of $33.6m in taxes and payments to the state were reported in November 2023. This included $32.9m from igaming and $740,056 from sports betting.
Additionally, the three Detroit casinos paid the City of Detroit $8.4m in wagering taxes and municipal services fees in November. Tribal operators submitted $4.1m in payments to governing bodies in November.
Record receipts for Michigan gaming revenue
Additionally, igaming operators surpassed last year’s total gross receipts in November. By the end of the month, receipts for 2023 totalled $1.742bn versus $1.582bn for the whole of 2022.
Furthermore, running total receipts for sports betting stood at $359.25m by the end of November. This was up by 2.4% from $350.78m at the same stage of 2022.
However, sports betting handle for the first 11 months of 2023 stood at $4.046bn – down slightly from $4.071bn last year.
A total of 15 commercial and tribal operators are authorised to offer igaming or online sports betting in Michigan. Of these commercial and tribal operators 14 currently offer online sports betting, with all 15 offering igaming.
Original article: https://igamingbusiness.com/finance/michigan-gaming-revenue-november/
