Michigan's Online Gaming Sets a New Monthly Revenue High
In January, Michigan witnessed its highest-ever monthly revenue from iGaming, reaching $181.9 million. The Michigan Gaming Control Board shared this news.
The combined revenue from iGaming and sports betting reached $229.6 million, a 22% increase from the $187.3 million recorded in the state during the same month in 2022. This impressive figure follows a record year for Michigan's iGaming and sports betting industry, which saw a total revenue of $2.3 billion in 2023.
Sports betting is likely to remain a focus for Michigan in 2023. Although the Super Bowl LVIII figures are yet to be calculated, overall sports betting activity in the US has hit a record high, as per GeoComply. The Michigan Lions NFC Championship game and the Michigan Wolverines' first national championship since 1997 attracted significant bets.
Despite a slight dip in online sports betting handle from $583 million in December to $577.4 million in January, the total revenue includes figures from both licensed commercial and tribal operators.
State Revenues
Michigan generated $31.3 million in taxes and fees from the total revenue in January. The state earned $30 million from iGaming alone, while $1.3 million was generated through internet sports betting.
Detroit's three operational casinos brought in $8.5 million in taxes and municipal fees in January. Of this amount, iGaming contributed $7.9 million, and online sports betting added $614,400.
The state also received $3.6 million from tribal operators in taxes and fees.
Land-Based Casinos Struggle
The shift from land-based operations to online gaming and sports betting is clearly evident. Detroit has experienced a decline of 8.8% in revenue for its physical casinos compared to January 2023.
Nationwide, brick-and-mortar casinos are also noticing a slowdown in in-person retail play. At least five states reported a decrease in in-person casino play in January compared to the same month last year.
Over the course of 2023, Michigan has placed emphasis on the expansion of its online gaming and sports betting sector. The state licensed 15 operators, both commercial and tribal, to launch online sports betting and gaming options. All 15 operators have since introduced iGaming platforms.
Read also:
- Leverkusen claims victory in the cup, securing a double triumph.
- Alonso achieves a double victory after consuming a German brew.
- Does the SVolt factory in Saarland face stability issues?
- Furor surrounding Sylt scandal footage