Michigan Operators See Drop in February Gambling Revenue
LISTEN TO THIS ARTICLE:Michigan's combined gross internet gaming and sports betting receipts reached $218.5m in February, a decrease of 4.8% month-on-month.
iGaming, which accounted for the highest gross receipts in the month at $188m, experienced a 3.35% rise from the $181.9m recorded in January. However, sports betting receipts declined from the $47.7m generated last month to $30.5m.
The combined adjusted gross receipts (AGR) for iGaming and internet sports betting amounted to $182.1m. Of this total, $169.2 million came from iGaming, a 3.1% increase from January, while internet sports betting decreased by 31.3% to $12.9m. The figures indicate that iGaming AGR rose by 27%, and sports betting surged 52.7% compared to February 2023.
In February, Michigan operators reported an online sports betting handle of $402.6m, a 30.3% dip compared to January 2024.
The state received $34.7m in taxes and payments from operators during the month. The three Detroit Casinos paid the city of Detroit $9.3m in wagering taxes and municipal services fees. Tribal operators also remitted $3.9m to governing bodies.
Physical Casino Gaming Sector Shows Improvement
According to the Michigan Gaming Control Board, the three casinos in Detroit amassed $104.63m in revenue during February. Of the total, slots and table games contributed $104.76m, a 0.2% decrease year-on-year but a rise of 11.6% compared to January 2024.
Retail sports betting yielded a negative revenue of $124,853 in February, a significant drop from the $520,988 recorded in January 2024.
The latest published monthly betting report signifies a change in the fortune of the state's casino gaming sector. Last month, the market generated $94.4m in revenue, a 15.7% decline compared to December 2023. Table games and slot receipts also fell by 9%. While the board didn't give reasons for the positive results in February, it suggests a potential shift in consumer behavior or market dynamics.
With the continual impressive figures from Michigan's online gaming sector and the recent announcement of the state as the biggest iGaming market in the US, it is clear that the gamblers in the state prefer to wager casino games online than at traditional land-based locations.
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