Michigan’s iGaming and sports betting industry witnessed substantial growth in March 2024, with notable increases in revenue and handle compared to February.
Overview of Revenue Growth:
In March, Michigan commercial and tribal operators reported a combined gross revenue of $275.1 million from internet gaming (iGaming) and sports betting, marking a significant rise of 17.7% compared to February. This surge reflects the growing popularity and profitability of online gambling and sports wagering platforms in the state.
Breakdown of Revenue Streams:
March saw a record-high in iGaming gross receipts, totaling $215.15 million, surpassing the previous peak of $188 million in February. Gross sports betting receipts amounted to $41.9 million, contributing to the overall revenue surge. Combined adjusted gross receipts (AGR) from iGaming and internet sports betting reached $221.1 million, with iGaming accounting for $194.47 million and sports betting $26.67 million. While iGaming AGR soared by 25.8% compared to March 2023, sports betting experienced a slight decline of 15.2%.
Internet Sports Betting Handle and Tax Contributions:
The handle for internet sports betting spiked to $480.4 million, marking a notable increase of 19.3% from February. Operators dutifully submitted $41.1 million in taxes and payments to the state of Michigan, demonstrating the significant revenue potential for the government. Additionally, the three Detroit casinos contributed to the city’s coffers, with a total of $10.96 million in wagering taxes and municipal service fees.
Performance of Detroit Casinos:
Detroit’s three major casinos played a pivotal role in the state’s gambling landscape, collectively generating $123.86 million in revenue for March. Table games and slot revenue witnessed a 3.8% year-on-year increase, reaching $122.26 million. Retail sports betting revenue amounted to $1.6 million, highlighting the growing interest in sports wagering.
Market Share and Revenue Distribution:
Among the Detroit casinos, MGM Grand Detroit Casino secured the largest market share at 46%, despite experiencing a slight revenue decline of 4.1% year-on-year, totaling $56.65 million. MotorCity Casino followed closely, capturing 31% of the market share with a 7.2% revenue increase to $38.35 million. Hollywood Casino at Greektown, with a 23% market share, saw a marginal revenue decrease of 1.4%, amounting to $27.26 million.
The data from March 2024 underscores the robust growth of Michigan’s iGaming and sports betting industry. With record-breaking revenue, increasing handle, and significant tax contributions, the sector continues to thrive, providing both economic benefits and entertainment opportunities for the state and its residents. As the market evolves, stakeholders must adapt to capitalize on emerging trends and sustain this momentum.