Record revenue for iGaming operators in Michigan

The Michigan Gaming Control Board, the regulator responsible for the gambling and sports betting market in the US state, reported that the licensed operators it oversees were able to achieve strong revenues in November 2023.

According to state regulators, commercial and tribal operators in the Great Lakes State reported total revenue of $209.2 million (total revenue and total sports betting revenue) in November. The result represents an increase of 1.9 percent compared to October 2023.

It was the iGaming segment that caught the eye with total revenue of $175.3 million, the highest number to date. The previous record was $171.8 million and was set in March 2023. In October 2023, total revenue from online casinos reached $160.3 million.

Total sports betting revenue for November 2023 was $33.9 million, a sharp decline from the $45 million the segment generated in October 2023.

Adjusted revenue for November totaled $158.1 million, with almost the entire amount coming from iGaming: $157.8 million, while sports betting was just $294,810. Adjusted gross revenue numbers show a 9.4 percent increase in iGaming and a sharp 98.7 percent decline in online sports betting compared to October 2023.

Tens of millions of dollars in taxes

Online operators’ sports betting handle totaled $568.8 million in November, an increase of 6.7 percent compared to October 2023 and also the highest online sports betting handle to date in Michigan.

Licensed operators in the state made $33.6 million in taxes and payments to the state of Michigan during November, with most of the amount ($32.9 million) coming from online gaming taxes and fees. Online sports betting taxes and fees were $740,056 in November, while Detroit’s three land-based casinos paid the city $8.4 million in betting taxes and municipal services fees during November. Tribal operators also reported payments of $4.1 million to governing bodies in November.

At the end of November 2023, there were a total of 15 commercial and tribal operators operating in Michigan in the iGaming and/or online sports betting space. Fourteen of these operators were active in online sports betting while fifteen were offering iGaming services.

source: “Michigan iGaming sports betting operators report November revenue of $209.2 million”. Michigan Gaming Control Board. December 19, 2023.