Michigan Market Sets Online Gambling Record for October
The numbers are in, and for the state of Michigan, it has been an impressive October as the market continues to exceed expectations, having smashed its previous best by a considerable margin from a GGR (Gross Gaming Receipts) perspective.
With receipts totaling $141 million for October, this is up by 9.5 percent on September’s figures of $128.7 million, while it also beat its previous best of $133.5 million - a record set in April this year.
Michigan has been a market that has continued to surprise since it became regulated in 2020, with both the sports betting and online gambling sectors of the industry posting impressive figures.
An In-depth Look at the Numbers
Gross gaming receipts for online sports betting in the state for October stood at $49.2 million - a 2.9 percent increase on the previous month (47.8 million), while combined total adjusted internet gaming gross receipts and adjusted internet gross sports betting receipts came in at $158.5 million, which includes $126.7 million from internet gaming plus $31.8 million from internet sports betting.
Meanwhile, in comparison to October of the previous year, adjusted gross receipts for internet gaming rose by 28 percent, which translates to $27.7 million, with the same figure for internet sports betting, totaling $27.1 million (a 577.9 percent increase), over a 12 month period.
The internet sports betting handle was at $480.8 million in Michigan for October, reflecting a 31.9 percent growth on September’s figure of $364.5 million.
Such figures mean that for 2022 so far, the state has aggregate internet gaming adjusted gross receipts of $1.2 billion, while this figure was $163.2 million for aggregate internet sports betting adjusted gross receipts.
Michigan Continues to Surprise the US Industry
While the initial figures throughout 2020 for Michigan perhaps made people sit up and take notice, there was doubt about whether the market could continue its pace, suggesting that this was merely a flash in the pan.
However, this was a viewpoint that certainly wasn’t shared by the likes of FanDuel, BetMGM, and other major operators in the state, who have witnessed continued, impressive figures over the last couple of years, with this increasing on a yearly basis.
It is likely that the month of November and December could yield similar results as well, with the US sports calendar in full swing - both the NBA and NFL seasons are in full swing, while the NHL also has a considerable market share of the sports betting industry.
More and more operators are, in fact, viewing Michigan as a ‘safe bet’ when it comes to revenue figures, realizing that they can rely on the state for a reliable percentage of their potential revenue. Certainly, customers in the US like variety, especially when it comes to new welcome offers and promotions, something which new entrants into Michigan have been quick to realize.
The next 12 months are going to be interesting. New York state (regulated in January this year) is a market to watch, while all eyes are currently on California to see what happens with their state of affairs in regard to regulation. Michigan, though, is definitely a market to be reckoned with.