Michigan’s iGaming industry has achieved a new all-time high in monthly revenue, according to a report by Casino.org.
This was published on February 22, 2024 at 03:22 AM.
This information was last updated on February 22, 2024 at 03:22 AM.
In January, the gross revenue of iGaming in Michigan reached a new record high. According to the Michigan Gaming Control Board, the total revenue for the month was $181.9 million.
As drivers cross into Michigan’s Upper Peninsula on US Highway 45, they are greeted by a sign welcoming them to the state. In January 2024, the state of the Great Lakes set a new record for iGaming revenue. (Image credit: spiritofamerica/Adobe Stock Images)
In January, the total revenue from online gambling, including both iGaming and sports betting, was $229.6 million. This is a 22% increase from the $187.3 million earned in the Great Lakes State during the same month last year.
The figures from January continue the positive trend set by the previous year, with Michigan’s total revenue from iGaming and sports betting reaching an all-time high of $2.3 billion in 2023.
This year, there is a possibility that sports betting will continue to be a popular topic in Michigan. As the state analyzes the numbers from Super Bowl LVIII, the NFL’s annual event saw a significant increase in sports betting activity across the country, according to GeoComply. Along with the Detroit Lions’ NFC Championship game in January, the Michigan Wolverines’ first national championship win since 1997 also attracted large bets.
The total for January’s online sports betting handle was $577.4 million, slightly lower than December’s handle of $583 million. However, these numbers still contributed to an increase in January’s overall totals.
The data for January includes both licensed commercial and tribal operators in Michigan.
The Government’s Share
In January, Michigan generated a total of $31.3 million in tax and fee revenue. Of this amount, $30 million came from iGaming, while the remaining $1.3 million was from internet sports betting.
In the month of January, the city of Detroit received $8.5 million in taxes and municipal services revenue from its three functioning casinos. The iGaming industry contributed $7.9 million to this total, while online sports betting brought in $614,400.
The state of Michigan received $3.6 million in taxes and fees from tribal operators, according to the Michigan Gaming Control Board.
Operations on land have experienced a decline.
In Detroit, it appears that customers favor online gaming and sports betting over traditional, physical operators. This is evident in the 8.8% decline in revenue for land-based operators in January 2023, as compared to the same month in 2023.
Physical stores throughout the nation are experiencing a decrease in face-to-face shopping activity. According to Casino.org, the number of people visiting casinos in person in January decreased from 2023 in at least five additional states.
In Michigan, there has been a recent emphasis on growing the online gambling and sports betting sector. The state has given permission to 15 operators, including both commercial and tribal entities, to introduce online options for both sports betting and gaming. As a result, all 15 of these operations have successfully launched their iGaming platforms.
