Michigans internet gambling businesses saw a record-breaking $275.1 million in income in March, the highest amount so far in 2024.
Michigans sports wagering and online gambling operators generated a combined $275.1 million (equal to £206 million/€241.4 million) in revenue in March, the highest figure so far in 2024.
This represents a 17.7% rise from February’s $218.5 million and a 12.0% increase from January’s $229.6 million. The state’s March revenue also saw a year-over-year increase of 18.8%.
Michigan launched online gambling in January 2021, and March was its most successful month for internet gambling. Online gambling revenue reached $215.5 million in March, exceeding the previous record of $188 million set in February.
Meanwhile, sports betting contributed $41.9 million to the month’s total revenue in March, a 37.4% increase from February’s $30.5 million. Additionally, total online sports betting handle in March was 19.3% higher than in February, reaching $480.4 million.
In March, the adjusted gross revenue (AGR) for online gambling and online sports betting was $221.1 million. Of this, online gambling accounted for $194.5 million, a 14.9% increase from February, while online sports betting operators contributed $26.7 million, more than double the $12.9 million from the previous month.
While online gambling AGR saw a year-over-year increase of 25.8% in March, sports betting AGR declined by 15.2% year-over-year.
Michigans internet gambling income reached a high point of $2.3 billion in 2023, but based on present trends, the state is anticipated to exceed that figure by $500 million in 2024.
Michigans online gambling operators have collected $705.2 million in income thus far this year, and the state is on course to break the $2.8 billion income mark in 2024.
Michigan has gained significantly from the success of its online gambling, with operators reporting $41.1 million in taxes and fees paid to the state in March.
Earlier this month, Detroit’s three commercial casinos reported $123.9 million in income for March. This represents a 3.9% increase from the same period last year.
March’s income figures were 18.5% higher than February, with $122.3 million coming from slot machines and table games.
Retail sports betting’s Qualified Adjusted Gross Receipts (QAGR) for March was only $1.6 million, although this was a 13.2% increase from the same period last year.
MGM Grand Detroit had the largest market share in March at 46.0%, followed by MotorCity Detroit at 31.0% and the Greektown Casino at 23.0%.
Sign up for the iGaming newsletter.