Michigan Report Show Drop in iGaming and Sports Betting Revenue
LISTEN TO THIS ARTICLE:Michigan's commercial and tribal operators experienced a slight dip in combined total internet gaming (iGaming) and sports betting revenues for the month of June, reporting a total of $169.3 million in gross receipts.
This figure represents an 8.9% decrease compared to the previous month's results.
Breaking down the numbers, iGaming gross receipts in June reached $151.0 million, while sports betting gross receipts amounted to $18.3 million. These figures were almost identical to those recorded in May 2023, where iGaming gross receipts were $150.6 million and sports betting gross receipts stood at $35.2 million.
When examining the combined total adjusted gross receipts (AGR) for iGaming and internet sports betting in June, the state reported $146.1 million. Of this total, $136.9 million was attributed to iGaming, marking a modest 1.0% increase from the previous month, while internet sports betting contributed $9.2 million, representing a significant 58.0% decrease compared to May 2023.
June 2023 revenues for iGaming AGR showed a promising increase of 25.1%, while sports betting AGR saw a substantial 83.9% surge in comparison to the figures reported in June 2022.
Despite the impressive growth in the iGaming industry and sports betting revenues, the total internet sports betting handle saw a notable decline in June, registering $227.9 million. This figure reflected a substantial 21.0% decrease compared to the $288.3 million handle recorded in May 2023.
Essential Local Contribution
In terms of contributions to the state and local governments, the operators submitted a total of $28.9 million in taxes and payments to the State of Michigan during June. This amount included $28.4 million in taxes and fees from iGaming and a smaller $545,632 from internet sports betting.
Furthermore, the three Detroit casinos contributed $7.4 million in wagering taxes and municipal services fees to the City of Detroit in June, with $7.1 million stemming from internet gaming and $286,569 from internet sports betting. Additionally, tribal operators reported making $3.5 million in payments to governing bodies during the same period.
As the iGaming industry and sports betting landscape in Michigan continues to evolve, industry analysts remain attentive to emerging trends and how various factors may impact revenues moving forward. The fluctuations in revenue from month to month underscore the importance of ongoing analysis and adaptation by both operators and regulatory bodies in this rapidly growing sector.
For more in-depth statistics and a revenue distribution table, interested parties can refer to the agency's website to stay abreast of the latest developments in Michigan's iGaming and sports betting market.
More Finance News
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Michigan Report Show Drop in iGaming and Sports Betting Revenue