Sports earnings and internet gambling income in Michigan surpass $300 million in May
Michigan's online gambling sectors are tearing up the charts, with combined revenue surpassing $300 million in May, marking a staggering 26% increase. ✨💰
📈 Key Figures:- Gross receipts hit an all-time high of $301.4 million in May, jumping 3.7% from April's figures.- Adjusted gross receipts reached a whopping $271.8 million, showcasing a robust 31.4% year-over-year increase.
🎲 iGaming Boom:- iGaming gross receipts ticked up slightly to $251.47 million in May, with a strong 32.2% year-over-year increase in AGR.- Online slots and table games remain the revenue champions, driving the growth of the iGaming sector by a whopping 26.6% compared to last year.
⚽️ Strong Sports Betting:- Sports betting gross receipts skyrocketed to $49.96 million in May, up 32.9% from April, with a 26.6% year-over-year increase in AGR.- Michigan's online sports betting market ranks among the most valuable in the U.S., with 2024 total gross receipts exceeding $460 million, reflecting a 9.5% rise from the previous year.
🏦 Tax Impact:- Tax payments from commercial iGaming operations totaled $49.1 million in May, with additional payments of $12.7 million to Detroit and $5.8 million from tribal operators to governing bodies.
💸 Top Operators:- BetMGM/MGM Grand Detroit, FanDuel/MotorCity Casino, and DraftKings/Bay Mills Indian Community led the pack in May.
Bottom line: Michigan's online gambling market is on fire, with both iGaming and sports betting sectors firing on all cylinders. Consumers are clearly engaged, and the regulatory frameworks appear to be fostering growth. The state's upward trajectory looks set to continue throughout 2025.🚀
Sports betting in Michigan hit a record high in May, with gross receipts of $49.96 million, showcasing a strong 26.6% year-over-year increase. Intriguingly, this thriving sphere of sports-betting is contributing significantly to the overall growth of the online gambling market in Michigan.
