Michigan iGaming Operators Experience Slight Revenue Dip in August
Date: 2023-09-20 Author: Dima Zakharov Categories: CASINO
In August, both commercial and tribal iGaming and sports betting operators in Michigan witnessed a minor decline in revenue compared to the previous month. However, when looking at the bigger picture, the figures for August 2023 were significantly higher than those of August 2022.
According to data released by the Michigan Gaming Control Board, the combined gross revenue generated by the 15 online casinos and sports betting platforms in the state amounted to $175.4 million in August, representing a slight 0.4% decrease compared to July's $176.1 million.
Nevertheless, it's worth noting that this figure marked a remarkable 13.2% increase when compared to August 2022, which saw revenues at just $154.9 million.
During the same month, Odawa Casinos discontinued their online sports wagering services, reducing the total number of internet sports betting operators in the state to 14.
The total sports wagering handle in August reached $218.5 million, marking an 8.8% increase from the previous month's $200.8 million but slightly lower than the $218.8 million recorded in the same period in 2022.
Breaking down the numbers by category, Michigan's iGaming sector reported $152.2 million in gross receipts for August (compared to $153.6 million in July and $130.9 million in August 2022), while online sports betting accounted for $23.2 million (compared to $22.5 million in July and $24 million in August 2022).
In terms of adjusted gross receipts (AGR), the combined AGR for iGaming and online sports betting came in at $153.1 million, with $137.2 million coming from iGaming and $15.9 million from online sports betting.
iGaming's AGR experienced a slight 0.7% decrease compared to July's figures ($138.2 million) but demonstrated a substantial 16.8% increase year-over-year ($117.5 million). On the other hand, sports betting's AGR saw a 3% drop from the previous month ($16.4 million) and a 1.3% decline compared to August 2022 ($16.1 million).
Michigan operators reported a total of $29.7 million in taxes and payments to the state for the month of August, with online casinos contributing $28.6 million and online sports betting adding $1.1 million to the state's coffers.
In addition to these contributions, Detroit's three casinos also paid the City of Detroit a total of $7.3 million in wagering taxes and municipal services fees. Of this amount, online casinos contributed $6.9 million, and online sports betting contributed $368,596. Tribal operators further contributed $3.6 million to governing bodies.
According to data released by the Michigan Gaming Control Board, the combined gross revenue generated by the 15 online casinos and sports betting platforms in the state amounted to $175.4 million in August, representing a slight 0.4% decrease compared to July's $176.1 million.
Nevertheless, it's worth noting that this figure marked a remarkable 13.2% increase when compared to August 2022, which saw revenues at just $154.9 million.
During the same month, Odawa Casinos discontinued their online sports wagering services, reducing the total number of internet sports betting operators in the state to 14.
The total sports wagering handle in August reached $218.5 million, marking an 8.8% increase from the previous month's $200.8 million but slightly lower than the $218.8 million recorded in the same period in 2022.
Breaking down the numbers by category, Michigan's iGaming sector reported $152.2 million in gross receipts for August (compared to $153.6 million in July and $130.9 million in August 2022), while online sports betting accounted for $23.2 million (compared to $22.5 million in July and $24 million in August 2022).
In terms of adjusted gross receipts (AGR), the combined AGR for iGaming and online sports betting came in at $153.1 million, with $137.2 million coming from iGaming and $15.9 million from online sports betting.
iGaming's AGR experienced a slight 0.7% decrease compared to July's figures ($138.2 million) but demonstrated a substantial 16.8% increase year-over-year ($117.5 million). On the other hand, sports betting's AGR saw a 3% drop from the previous month ($16.4 million) and a 1.3% decline compared to August 2022 ($16.1 million).
Michigan operators reported a total of $29.7 million in taxes and payments to the state for the month of August, with online casinos contributing $28.6 million and online sports betting adding $1.1 million to the state's coffers.
In addition to these contributions, Detroit's three casinos also paid the City of Detroit a total of $7.3 million in wagering taxes and municipal services fees. Of this amount, online casinos contributed $6.9 million, and online sports betting contributed $368,596. Tribal operators further contributed $3.6 million to governing bodies.
