October saw Michigan’s online sports betting market reach new heights, hitting a record-breaking $533 million in consumer spending. This is the first time monthly internet bets in the Great Lakes State exceed the $500 million mark.
Gross receipts from online gaming and sports betting by commercial and tribal operators in Michigan surged to $205.3 million. Although this was a 7.9% increase compared to the previous year’s $190.2 million, it reflected a slight decline of 2.4% from September 2023’s $210.4 million.
The lion’s share of the online gambling revenue stemmed from online casino activities, reaching $160.3 million. This showcased a robust 13.7% increase from the previous year’s $141.0 million. Conversely, sports betting gross receipts experienced an 8.5% decline, dropping to $45.0 million despite the record handle.
Adjusted gross receipts (AGR) from both online gaming and sports betting in Michigan soared to $167.7 million after accounting for promotional deductions. While online gaming AGR escalated by 13.9% to $144.2 million, sports wagering AGR dwindled by 26.1% to $23.5 million.
Taxes paid to the State of Michigan from online gaming and sports betting amounted to $31.9 million in October. Internet gaming taxes contributed $30.1 million, whereas internet sports betting taxes stood at $1.8 million. The three Detroit casinos’ contribution to the city’s revenue through wagering taxes and municipal services fees reached $8.2 million.
Michigan currently hosts 15 authorized commercial and tribal operators for online gaming and/or internet sports betting. While 14 of these operators offer internet sports betting, 15 provide iGaming services. Detailed results for each operator are available on the MGCB website.
As for land-based operations, Detroit’s commercial casinos faced a 19.5% year-on-year revenue drop in October, totaling $82.8 million. Strikes had an adverse impact, with ongoing labor disputes affecting revenue, despite recent resolutions in pay agreements at some venues.
Original article: https://www.yogonet.com/international/noticias/2023/11/23/69774-michigan-hits-record-533m-online-sports-betting-handle-in-october
