In a remarkable display of growth, Michigan’s commercial and tribal operators reported a combined gross revenue of $216.4 million from online casino gaming and sports betting in March. This figure represents a staggering 26.7% increase compared to the previous month, showcasing the rapid expansion of the state’s gambling industry.
Record-Breaking Internet Gaming
The Michigan Gaming Control Board revealed that March witnessed a historic high in internet gaming gross receipts, reaching an impressive $171.8 million. This figure surpassed the previous record of $153.7 million set in January, highlighting the sustained upward trajectory of the online casino sector. In March 2022, the corresponding number was $131.7 million, making this year’s growth even more remarkable.
Surging Sports Betting Revenue
The sports betting segment also experienced robust growth, with gross receipts totaling $44.6 million in March. Comparatively, March 2022 saw $30.5 million in sports betting revenue, reflecting a substantial increase in the popularity of wagering on sporting events. This significant revenue jump underscores the dynamic nature of Michigan’s sports betting landscape.
Combined Gross Receipts
The combined adjusted gross receipts from online gaming and sports betting in March reached an impressive $186 million. This sum was divided into $154.6 million from internet casino gaming and $31.4 million from sports betting. These figures mark an impressive 30.4% increase in online casino gaming and a remarkable 114.5% surge in sports betting, showcasing the dual strength of these sectors within the Michigan market.
Sports Betting Handle and Tax Contributions
Despite a slight dip in the internet sports betting handle, which stood at $407.7 million in March, down 9.7% from the previous year, it is noteworthy that this figure marked an 18.2% increase from February 2023’s $344.9 million. Operators reported submitting a substantial $33.2 million in taxes and payments to the State of Michigan, underlining the state’s financial benefit from the thriving gambling industry. Additionally, tribal operators contributed $3.7 million in payments to governing bodies.
First Quarter Performance
Zooming out to assess the performance for the entire first quarter of 2023, the numbers continue to impress. Internet gaming adjusted gross receipts for the quarter totaled an impressive $426.3 million, while internet sports betting receipts reached $57.7 million. These figures underscore the sustained growth and economic impact of online gaming and sports betting in Michigan.
Land-Based Casinos
While the online sector is flourishing, the state’s land-based casinos remain integral to the gambling landscape. In March, Detroit’s three casinos reported a combined monthly aggregate revenue of $119.2 million. This figure represents a modest 2.9% decrease compared to the previous year. Of this revenue, $117.8 million came from table games and slots, while retail sports betting contributed $1.4 million.
Michigan’s gambling industry continues its upward trajectory, driven by the thriving online gaming and sports betting sectors. The impressive revenue growth, record-breaking figures, and substantial tax contributions highlight the significant economic impact of this industry on the state. As online gambling and sports betting continue to gain momentum, Michigan’s position as a key player in the American gambling landscape is firmly established.