March revenue in Michigan was 17.7% up on February’s figure of $218.5m, as well as a 12.0% increase on January’s total of $229.6m. Year-on-year, the state’s March revenue was also 18.8% higher than the same month last year.
Michigan launched igaming in January 2021, and March this year was its strongest online gaming month yet. Igaming revenue reached $215.5m in March, beating its previous high of $188.0m, reported for February.
Sports betting, meanwhile, accounted for $41.9m of monthly revenue in March, a 37.4% increase on the $30.5m reported in February. Additionally, total online sports betting handle was 19.3% higher than February at $480.4m.
Adjusted gross receipts (AGR) for March across both igaming and online sports betting stood at $221.1m. igaming accounted for $194.5m of that total, up 14.9% on February, while online sports betting operators were responsible for $26.7m, over double the $12.9m reported the month prior.
While igaming AGR was up 25.8% year-on-year in March, sports betting AGR was down 15.2% on the same month last year.
Michigan on track to surpass 2023 numbers
Michigan’s online gambling revenue hit a record $2.3bn in 2023, but on its current trajectory, the state is projected to surpass that by approximately $500m.
Michigan’s online operators have accumulated $705.2m in revenue so far this year, and the state is on track to top $2.8bn over 2024.
Michigan is benefitting from its online gaming success in terms of tax, with operators reporting $41.1m submitted in taxes and payments to the state in March.
Successful March for Detroit casinos
Earlier this month, Detroit’s three commercial casinos reported $123.9m in March revenue. This was up 3.9% on the same month last year.
March’s revenue figures were 18.5% ahead of February, with $122.3m of the total coming from slots and table games.
Retail sports betting’s qualified adjusted gross receipts (QAGR) for March were just $1.6m, though that was 13.2% ahead of the same month last year.
MGM Grand Detroit is leading the three commercial casinos, with a 46.0% market share over the month of March. MotorCity Detroit was second with 31.0% market share, while Hollywood Casino at Greektown made up 23.0%.
Original article: https://igamingbusiness.com/finance/michigan-online-gaming-operators-march-revenue/
