Michigan’s gaming landscape continues its upward trajectory as both commercial and tribal operators collectively reported a robust $176.1 million in gross internet casino gaming and sports betting receipts for July. This figure represents a noteworthy 4% increase compared to June’s $169.3 million, signaling sustained growth in the state’s gaming sector.
Breakdown of Gross Receipts:
The Michigan Gaming Control Board’s latest report indicates that gross receipts from internet gaming (igaming) reached $153.6 million, while gross sports betting receipts amounted to $22.5 million. This compares favorably to the previous month, where igaming gross receipts were $151 million, and gross sports betting receipts were $18.3 million.
Adjusted Gross Receipts (AGR) Overview:
In July, combined igaming and internet sports betting adjusted gross receipts (AGR) reached $154.6 million. This includes $138.2 million from igaming and $16.4 million from internet sports betting. The month-on-month increase was 1% for igaming and an impressive 77.5% for internet sports betting. When compared to July 2022, igaming AGR demonstrated an 18% increase, while sports betting AGR rose by 16.8%.
Internet Sports Betting Metrics:
The internet sports betting handle for July was $200.8 million, exhibiting a modest decrease of 11.9% from the previous month’s $227.9 million. Despite this dip, operators contributed $29.8 million in taxes and payments to the State of Michigan. Notably, the three Detroit casinos contributed $7.6 million in wagering taxes and municipal services fees to the City of Detroit, while tribal operators made payments of $3.5 million to governing bodies.
Land-Based Casino Performance:
In the land-based casino sector, Detroit’s three casinos reported a combined monthly revenue of $107.2 million for July. Table games and slots constituted the majority, generating $106.7 million, while retail sports betting contributed $477,543. The month-on-month revenue increase was 4.8%, and compared to July 2022, there was a modest 0.7% uptick.
Market Share Distribution:
Among the three Detroit casinos, MGM Grand Detroit Casino claimed the largest market share at 47%, followed by MotorCity Casino at 29%, and Hollywood Casino at Greektown with a 24% share.
Michigan’s gaming industry continues to flourish, with July’s revenue figures showcasing sustained growth in both online and land-based segments. The positive performance in igaming and sports betting, coupled with the contributions to state and local economies, highlights the resilience and vitality of Michigan’s gaming landscape. As the industry navigates evolving trends, these robust figures underscore its significance in the broader economic context.