Michigan's Online Sports Betting Soars to $533M in October

Listen to this news articleLISTEN TO THIS ARTICLE:

In October, licensed online sportsbook operators in Michigan reported $533.0m in total online bets, setting a record for the first time the state’s monthly online handle will surpass $500m.

However, despite this new monthly high record, sports betting gross receipts decreased by 8.5% to $45.0m. However, online gaming, which remains the primary source of all internet gambling revenue in the state, was up 13.7% year-on-year to $160.3m.

Combined gross internet gaming and sports betting receipts reached $205.3m in October, an increase of 7.9% compared to the $190.2m recorded same month last year. However, the figure dropped 2.4% from $210.4m gotten in September this year.

After factoring in promotional deductions, operators reported $167.7m in adjusted gross receipts (AGR) for iGaming and sports betting. Specifically, iGaming AGR surged by 13.9% to $144.2m, while sports wagering AGR declined by 26.1% year-on-year to $23.5m.

The state received a combined $30.1m in iGaming taxes and $1.8m in sports betting in October from the 15 commercial and tribal operators offering online gambling services in the state. Additionally, Detroit’s three commercial casinos remitted $8.2m in gaming tax; $7.5m from iGaming, and $663,754 from sports betting.

Revenue Decrease for Detroit Casinos

The Michigan Gaming Control Board (MGCB) released this latest monthly revenue report days after the three operators in Detroit reported a revenue decline of 19.5% year-on-year to $82.2m. While table games and slots revenue contributed $81.1m to the revenue, adjusted sports betting accounted for $1.1m.

The drop in revenue has been attributed to the ongoing strike among the casino workers in the state which resulted in partial closures and unavailability of specific amenities at the casinos for nearly a month.

However, new collective bargaining agreements were finally reached with employees at Hollywood Casino and MotorCity Casino, which has seen them return to work. The staff at MGM did not agree with the deal and continued with the strike.

More Finance News


Leave a Comment

user avatar
My Name United States of America
Your Comment

User Comments

Comments for Michigan's Online Sports Betting Soars to $533M in October