Michigan Records Largest iGaming Revenue in October
In October, iGaming reached a new height in Michigan while the state experienced a slump in online sports betting receipts.
iGaming operators in the Great Lakes State reported an all-time high revenue of $220.7 million.
LISTEN TO THIS ARTICLE:Commercial and tribal operators in the Great Lakes State reported combined internet gaming and sports betting revenues of $253.7 million for October. The figure represents a 23.6% year-over-year increase from $205.3 million in the same month in 2023 but slightly decreased by 2.8% from September's $261.0 million.
Adjusted gross receipts for the month reached $208.5 million, up 24.3% from last year but down 0.7% from September 2024.
iGaming saw the most notable growth in the state in October, with an all-time high revenue of $220.7 million. The total represents an increase of 2.4% from March's previous high of $215.5 million.
Gross gaming revenue also rose 37.7% year-over-year and 8.9% month-over-month.
According to the data released by the Michigan Gaming Control Board, FanDuel, in partnership with MotorCity Casino, secured the leading market position in the state's iGaming sector in October, with $50.56 million in adjusted gross receipts.
They narrowly edged out BetMGM and MGM Grand Detroit, which generated $50.55 million in AGR. DraftKings and the Bay Mills Indian Community took third with $36.0 million in AGR.
More Finance News
Sports Betting Suffers Significant Decline
In sharp contrast to the thriving iGaming sector, the sports betting market heavily declined in the month.
Gross online sports betting receipts reached $33.0 million, a decrease of 26.7% from the previous year and 43.5% from September. Adjusted gross sports betting receipts totaled $9.9 million, down 58.0% from last year and 64.3% from September.
Despite a decline in receipts, the total sports wagering handle increased by 5.1% year over year and 11.7% month over month to $560.4 million.
Hold for gross online sports betting receipts and adjusted gross sports betting receipts reached 5.89% and 1.77%, respectively.
Unfavorable NFL results have been cited as the primary factor for the October dip in sports betting receipts.
Regarding operators' performance, FanDuel and MotorCity Casino continued to lead the market with $17.0 million in gross receipts from $211.3 million in wagers, resulting in an 8.05% monthly hold.
DraftKings, partnered with the Bay Mills Indian Community, was in second place with $6.5 million in gross receipts from $159.9 million in bets, reflecting a 4.07% hold.
BetMGM and MGM Grand Detroit achieved the third spot with $4.6 million in gross receipts from a total bet volume of $84.3 million, yielding a 5.46% hold.
Total taxes and payments from operators in October amounted to $42.1 million. While iGaming contributed $41.5 million, sports betting accounted for $569,374. Tribal operators also made payments totaling $5.2 million to governing bodies.
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Michigan Records Largest iGaming Revenue in October