Michigan iGaming Sets a New Gross Gaming Revenue Record of $175.3M

Michigan iGaming Sets a New Gross Gaming Revenue Record of $175.3M

The latest records by the Michigan Gaming Control Board (MGCB) show the state’s gaming industry is expected to be the top performer in revenue generation in The US. The state regulator reported that Michigan’s commercial and tribal iGaming operators brought in record-breaking $175.3 million (£138.5 million/€160.2 million) in November revenue.

Highest revenue since 2021

The November record was the highest record set by casinos in the state since 2021. The amount surpasses the previous high record of $171.8 million set by the industry in March 2023. The revenue didn’t factor in the $37 million generated by the Michigan online casino’s sports betting sector.

MGM Grand released statistics that showed BetMGM was the first licensee in Michigan to earn $46.7 million in GGR from online gaming in one month only. When weighed against November 2022, when gross gaming revenue was $145.4 million, the current number shows a strong 20.5% gain.

In the same month, $43.9 million in earnings was brought in by MotorCity, a licensee managed by FanDuel. An extra $34.7 million was brought in by the DraftKings gambling site.

Online gambling is a significant source of tax revenue

Since its inception, tax revenue from internet gambling has grown significantly, and Detroit City expects that this money will reach over $81 million in just one year. Additionally, the MGCB has carried out more thorough evaluations of the success of certain licensees.

The recent walkouts in Detroit, which forced the closure of physical casinos and diverted many customers to their online counterparts, also contributed to the increased revenue. Gambling in online casinos is convenient, requiring gamblers to learn the casino betting basics to excel in this field.

Land-based casinos encountered challenges

Nevertheless, there were issues with the online casinos’ land-based establishments. In November, land-based casinos at Motor City, Greektown, and MGM Grand brought in a total of $76 million in earnings. This represented a 24% drop from the prior year. MGM Grand reported $30.6 million in revenue, a 34% decrease. MotorCity’s revenues dropped by 18% to $24.7 million, while Greektown’s revenue fell by 11% to $20.7 million.

Regardless of these obstacles, land-based casinos remain hopeful because employees have started to come back after union talks. The success of Michigan’s internet gaming sectors demonstrates how gambling is evolving into a large gaming market size.

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