Michigan Sports Betting Sees Dip in February Revenue
Date: 2024-03-20 Author: Dima Zakharov Categories: SPORTS BETTING
Michigan’s February Gaming Downturn
Michigan's gambling industry experienced a downturn in February, as indicated by the recent report from the Michigan Gaming Control Board. The total revenue from both online casino gaming and sports betting handle fell by 4.8% compared to January.
Online Casino Sets Record
Despite the overall decline, the online casino segment reached a milestone, recording its highest gross receipts in state history at $188 million. This surpassed the previous record set in January, showcasing the continued growth of digital gaming platforms.
Adjustments in Gross Revenue
The combined adjusted gross revenue (AGR) for February amounted to $182.1 million. While online casino AGR saw a modest increase of 3.1% compared to January, digital sports betting experienced a significant decline of 31.3%.
Sports Betting Handle Decline
Sports betting handle in February dropped to $402.6 million from January's $577.4 million. This decrease is attributed to the absence of major sporting events like the Super Bowl and a limited schedule of NFL games.
Tribal Operators Contribution
Tribal operators contributed $3.9 million in payments to governing bodies in February, indicating their continued involvement in Michigan's gambling landscape.
Tax Contributions and Leading Casinos
Online sports betting and casino operators paid substantial taxes to both the state and the city of Detroit. MGM Grand emerged as the leader among Detroit's brick-and-mortar casinos, reporting $49.3 million in adjusted revenue, followed by Motor City Casino and Greektown Casino.
