Michigan's iGaming and Sports Betting See Soaring Revenues in September
Date: 2023-10-25 Author: Dima Zakharov Categories: SPORTS BETTING, EVENTS
Online Casino Dominance:
Michigan's internet gaming landscape remains primarily driven by online casinos, which contributed a substantial share to the total revenue. Gross receipts from online casinos amounted to $166.4 million, showing a remarkable year-on-year growth of 29.3%.
Sports Betting Fluctuations:
Surprisingly, sports betting gross receipts experienced a minor dip of 8.0%, settling at $44.0 million for the month. This decline occurred despite an impressive 25.6% increase in the handle, reaching a total of $457.7 million.
Adjusted Gross Receipts on the Rise:
When factoring in promotional spending, the adjusted gross receipts from iGaming and sports betting combined amounted to $168.5 million in September. This represents a substantial 17.8% increase compared to the same period in 2022 and a noteworthy 10.1% rise from August 2023.
Online Casino Continues to Flourish:
In particular, the adjusted gross receipts from online casinos in Michigan in September reached $149.8 million, reflecting a remarkable year-on-year growth of 29.3%. However, adjusted gross receipts from sports betting witnessed a notable decline of 31.1%, amounting to $18.7 million.
Tax Contributions:
The state benefited from significant tax contributions, with internet gaming tax reaching $31.3 million and sports betting tax totaling $1.3 million. In addition, Detroit's three commercial casinos made an additional contribution of $8.0 million, including $7.5 million in online gaming tax and $470,071 in sports betting tax.
Operator Landscape:
Notably, 15 operators provided online gambling services in August. However, after Odawa Casinos withdrew from internet sports betting in August, only 15 of these operators currently offer sports wagering.
This surge in revenues in Michigan's iGaming and sports betting industry indicates a robust and thriving sector, with online casinos taking the lead in driving this impressive growth. It will be intriguing to see how the market evolves in the coming months and how these fluctuations impact the landscape.
