The gaming landscape in Michigan continues to flourish as both commercial and tribal operators reported impressive numbers for the month of August. According to the Michigan Gaming Control Board, gross online gaming and sports betting receipts reached an impressive $154.9 million, marking a notable 4.5% increase from the previous month’s earnings of $148.2 million.
Online Gaming and Sports Betting on the Rise:
August proved to be a fruitful month for online gaming, with gross receipts amounting to $130.9 million, showcasing a 3.4% surge from July’s $126.6 million. Simultaneously, the gross receipts from sports betting hit $24 million, indicating a remarkable 11% growth from the previous month’s earnings of $21.6 million.
Adjusted Gross Receipts and Year-on-Year Comparison:
When considering adjusted gross receipts, the combined total for online gaming and sports betting in August was $133.6 million. Of this sum, $117.5 million stemmed from online gaming, while online sports betting contributed $16.1 million. These figures represent a modest 0.3% increase in monthly internet gaming adjusted gross receipts and an impressive 14.7% surge in online sports betting adjusted gross receipts.
Compared to the same period last year, internet gaming adjusted gross receipts experienced a substantial 34.2% growth. Notably, internet sports betting adjusted gross receipts witnessed an astounding increase of $8.5 million, equivalent to a remarkable 113% rise. This surge in popularity is further substantiated by the online sports betting handle, which reached $218.8 million, demonstrating a significant 6.2% increase from July’s handle of $206.1 million.
Tax Contributions and Municipal Payments:
Operators diligently fulfilled their tax obligations, submitting a total of $25.3 million to the state of Michigan. The bulk of this amount, $24.3 million, came from online gaming taxes and fees, while online sports betting taxes and fees contributed $989,621. Additionally, Detroit’s three casinos paid $6.7 million in wagering taxes and municipal services fees to the City of Detroit, with tribal operators contributing $2.9 million.
Detroit’s Land-Based Casinos Performance:
Detroit’s three casinos, namely the MGM Grand Detroit, MotorCity Casino, and Penn National’s Hollywood Casino at Greektown, collectively generated $106.1 million in aggregate revenue for August. Of this total, table games and slots accounted for $104.5 million, while retail sports betting contributed $1.6 million.
Despite a slight dip of 1.4% from July’s figures, the revenue from table games and slots demonstrated resilience with a year-on-year growth of 1.7%. This performance showcases the steady growth and consistent patronage experienced by these casinos in the region.
Michigan’s gaming industry witnessed yet another impressive month in August, with gross receipts from online gaming and sports betting surpassing expectations. The continuous growth of the market, coupled with robust tax contributions, is undoubtedly contributing positively to the state’s economy. Moreover, Detroit’s land-based casinos remain stalwarts in the industry, showcasing their ability to maintain a strong foothold amidst the ever-expanding online gaming landscape. As we move forward, the gaming sector in Michigan shows no signs of slowing down, promising exciting prospects for operators and gaming enthusiasts alike.