iGaming Revenue Increase in 2022 for Michigan
It has been yet another positive year for the state of Michigan in the online gambling market after it was reported that revenue was up 41.4 percent year-on-year, with a total of $1.4 billion raked in the previous year.
As such, total revenues of $1.98 billion were recorded, comprising revenues from both commercial and tribal operators, in a year that has been one of steady progress for Michigan. Meanwhile, the total handle for 2022 saw an increase of 24.3 percent to $4.60 billion.
The state’s maiden year in 2021 saw it exceed expectations, surpassing predicted revenue figures as residents responded favorably to the introduction of online gambling.
What Was the Breakdown?
Of the total, online casino gaming was responsible for $1.58 billion in gross receipts, while $399.6 million was courtesy of internet sports betting.
A year-on-year increase of 47.8 percent for total adjusted gross receipts, including advertising costs, amounted to $1.65 billion.
December, meanwhile, was a record-breaking month. It saw gross receipts total $201.6 million, an increase of 28.8 percent on the previous December, as well as 8.2 percent in November.
For online casinos in the final month of the year, gross receipts recorded $152.8 million, while adjusted receipts came to $137.5 million. The adjusted gross receipts figure for online sports betting, meanwhile, stood at $30.8 million, with the gross receipts figure undisclosed, though the monthly handle was $478.7 million. In addition, Michigan operators paid $30.4 million in monthly taxes for December.
It is perhaps easy to understand the figures for December, with the festive season often yielding strong figures, as customers usually gamble more often during the month, while the NFL season is usually coming to an end and garners have increased interest, in addition to more games being played.
Same Again in Michigan for 2023?
After two strong years for online operators in the state, there is no reason why this cannot continue throughout 2023. Clearly, there is a love of online casinos in Michigan, which is what many operators will look to pay attention to.
Last year, BetMGM won the IGB award for ‘best online casino’ in the state, and it is likely that FanDuel, DraftKings, and Caesars will look to emulate this success.
Meanwhile, more strategic marketing and promotional campaigns can be responsible for an increase in revenue, with these likely having had an effect last year as companies look to be even more creative in order to stand out from one another.
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