Michigan Reports Decline in iGaming and Sports Betting Revenue in October
In October 2024, iGaming and sports betting operators in Michigan reported total gross revenues of $253.7 million. This marks a 2.8% decrease compared to September’s revenues of $261.0 million.
Record iGaming Revenues in Michigan
Despite the overall decline, Michigan’s iGaming operators achieved record gross revenues of $220.7 million in October 2024. This is the highest monthly total ever recorded, surpassing the previous record of $215.2 million set in March 2024. Compared to September 2024, when iGaming revenues were $202.6 million, this represents an 8.4% increase.
Adjusted Gross Receipts (AGR) from iGaming in October amounted to $198.6 million, an 8.9% increase compared to September. AGR measures an operator’s revenue after deducting costs such as player bonuses and promotions. The growth in both gross revenues and AGR indicates a strong performance in Michigan’s iGaming sector.
It’s noteworthy that the increase in iGaming revenues in October occurred despite a decline in overall online gaming and sports betting revenues during the same period.
Decline in Sports Betting Revenues
In October 2024, Michigan’s sports betting sector experienced a decrease in revenues. Gross sports betting revenues were $33.0 million, a 43.5% drop from the $58.4 million reported in September. Adjusted Gross Receipts (AGR) from sports betting also fell, decreasing by 64.3% compared to September, reaching $9.9 million.
Notably, the decline in sports betting revenues occurred despite an increase in total handle. In October, the handle was $560.4 million, an 11.7% increase compared to $501.8 million in September.
Despite the revenue decline in October, Michigan’s sports betting sector continues to generate significant income for the state. In October, sports betting operators contributed $569,374 in taxes and fees to the state budget. They also paid $323,517 in taxes and fees to the city of Detroit.
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