Michigan online casino gaming and sports betting operators have reported nearly $2 billion in combined revenue for 2022, according to the latest report from the state’s Gaming Control Board. Gross receipts rose by a whopping 41% when compared to the $1.4 billion reported in 2021, while handle for the year amounted to $4.6 billion, up from $3.7 billion in 2021.
Commercial and tribal iGaming and online sports wagering operators reported a combined $1.98 billion total gross receipts in 2022. Internet casino gaming generated most of that figure at $1.58 billion in gross receipts, while internet sports betting produced $399.58 million in gross receipts.
Combined 2022 adjusted internet gaming and internet sports betting adjusted revenue was $1.65 billion, which was almost 48% higher than the $1.1 billion recorded in 2021. Adjusted gross receipts include deductions for the monetary value of free play incentives provided to and waged by bettors.
Tribal and commercial operators made $302.98 million in taxes and payments to the State of Michigan during 2022, including iGaming state taxes and payments of $289.24 million, and online sports betting taxes and payments amounting to $13.74 million.
Michigan commercial and tribal internet #casino #gaming and internet #sportsbetting operators reported a combined $1.98 billion total gross receipts in 2022. Gross receipts rose 41% compared with $1.4 billion in receipts reported in 2021. Read more here: https://t.co/KC7mVgiuDg pic.twitter.com/uYs36tCVhv
— Michigan Gaming Control Board (@MichiganGCB) January 23, 2023
The three Detroit casinos also reported paying the city $84.57 million in wagering taxes and municipal services fees during the year including iGaming taxes and fees of $77.83 million, and internet sports betting taxes and fees amounting to $6.74 million. Tribal operators reported making $32.83 million in payments to tribal governing bodies.
“Online casinos in Michigan finished the year incredibly strong, eclipsing $1.5 billion in revenue in 2022,” said Paul Costanzo, lead analyst for Play Michigan. “The growth each month was steady throughout the year, but it managed to take off even more down the stretch with three straight record months, which bodes well for the future of the industry.”
MGM Grand Detroit led all internet gaming operators in the state with gross receipts of more than $589 million, according to MGCB figures. The Detroit casino, via its BetMGM platform, also reported the largest internet sports betting handle of some $991.1 million.
Along with the financial results for the full year, the Gaming Control Board also posted figures for December. During the last month of 2022, commercial and tribal operators reported $201.6 million in combined total gross internet gaming and internet sports betting receipts, an 8.2% increase from November results of $186.3 million.
During December, internet gaming revenue set a Michigan record of $152.8 million, exceeding by 5% the previous monthly record of $145.43 million, which was reported in November. Monthly iGaming adjusted gross receipts jumped 25.3% from the $109.7 million recorded in December 2021.
The total handle at $478.7 million declined a fractional 0.3% from the $480 million reported in November. Operators delivered $30.4 million in taxes and payments to the State of Michigan in December, including both online gaming and sports betting for the month.
Numbers for the month were buoyed by the Detroit Lions making a push for the playoffs, and the Michigan football team playing for a Big Ten title and in the College Football Playoff, points out Costanzo.
Original article: https://www.yogonet.com/international/news/2023/01/26/65866-michigan-igaming-online-sports-betting-operators-report-almost-2b-in-revenue-for-2022
