Michigan Online Gambling and Betting Revenues Surge in March
Riptide Month for Gambling and Betting in Michigan
Michigan's iGaming and sports betting terrain continued to sizzle in March, as figures from the Michigan Gaming Control Board (MGCB) showed an impressive 20% surge in gross receipts compared to February. The state's total online gambling and betting revenue for the month reached a staggering $257.1 million.
Tribal operators and commercial providers in Michigan reported a significant 17.7% increase in receipts when compared to the previous month, with a year-over-year hike of nearly 19%. The betting handle also mirrored this trend, soaring by 20% month-over-month and year-over-year.
iGaming's Meteoric Rise
Michigan's iGaming sector recorded an all-time high of $260.5 million in March, marking a 20.9% year-over-year increase and a 5% rise compared to January's record. A closer look reveals strong performances from prominent operators like BetMGM, FanDuel, and DraftKings, with BetMGM leading the pack with $69 million in gross receipts.
Sports Betting Mixed Bag
Although sports betting handle increased by 25.1% to $475.1 million, gross sports betting receipts dipped to $33 million in March, down from $46 million in February. This contrasting trend may be attributed to higher payouts or promotions and lower margins during the month.
Revenue Contributions and Tax Payments
In March, the state collected $41.1 million in taxes and payments, with an overwhelming majority coming from iGaming fees and taxes, totaling $39.4 million. Online sports betting taxes contributed a more modest $1.7 million. Casino revenues in Detroit also bolstered the city's coffers, contributing $10.96 million.
The MGCB has set its sights on eradicating illegal gambling operations in the state, having sent 64 businesses cease-and-desist letters in the past year, causing 167 illegal gambling devices to cease operation.
In short, March 2024 marked a record boost in Michigan's iGaming revenues, while sports betting revenues showed mixed and declining trends compared to previous months and years. Despite the limited details available in the data, it seems that the regulatory framework is effective in shifting players from illegal markets to regulated operators, with tax collections exceeding $50 million.
- The surge in Michigan's online gambling and betting revenue reached a remarkable $257.1 million in March, with the Michigan Gaming Control Board (MGCB) reporting a 20% increase compared to February.
- The sports-betting handle in Michigan soared by 20% month-over-month and year-over-year, while gross sports betting receipts dipped to $33 million in March, a decrease from $46 million in February.
- The MGCB, in its efforts to halt illegal gambling operations, sent 64 businesses cease-and-desist letters in the past year, causing 167 illegal gambling devices to cease operation.
- Michigan operators, both tribal and commercial, reported a 17.7% increase in receipts compared to the previous month, with a year-over-year hike of nearly 19%.
- In March, the state collected $41.1 million in taxes and payments, with the majority coming from iGaming fees and taxes, totaling $39.4 million, and online sports betting taxes contributing a more modest $1.7 million.
