March’s revenue figure of $257.1m was the highest total in Michigan so far in 2024, although comparably April’s numbers fell short. Nonetheless, April’s revenue total still beat January and February, which produced $229.6m and $218.5m respectively.
Year-on-year, April revenue was 20% ahead of the same month last year, when Michigan’s sports betting and igaming operators reported revenues of $195.7m.
Igaming revenue down but sports betting stable in Michigan
Igaming revenue fell from $215.5m in March, Michigan’s strongest igaming month to date, to $192.9m in April.
Sports betting handle, meanwhile, also dropped significantly. Michigan’s online sports betting operators took $399.1m in bets in April, down from $480.4m in March. However, April sports betting revenue stayed stable at $41.9m.
In terms of monthly adjusted gross receipts (AGR), igaming and sports betting combined for $201.9m. Of that total, $174.1m came from igaming, while online sports betting produced $27.8m. Igaming monthly AGR dropped 10.4%, while sports betting increased by $4.1m.
Year-on-year, however, igaming monthly AGR was up by 21.4%, while online sports betting AGR increased by 13.3%.
Monthly taxes and payments to the state were $37.6m in April. This was 8.5% down on March’s figure of $41.1m, with igaming contributing $35.8m of the total to online sports betting’s $1.8m. Tribal operators made $4.3m in payments to governing bodies in April.
Michigan casino revenue down in April
Detroit’s three commercial casinos previously reported revenues of $109.4m in April.
Those figures were down 11.7% month-on-month, though only slightly lower than the $109.7m generated in the same month last year.
MGM kept its lead among the three commercial casinos, holding a market share of 46%. Meanwhile, MotorCity and Hollywood Casino at Greektown held market shares of 30% and 24% respectively.
The three casinos paid the city of Detroit $9.8m in taxes and municipal services fees during April. This fell 10.9% short of March’s total of $11m.
Original article: https://igamingbusiness.com/finance/michigan-online-gaming-revenue-down-april/
