Michigan’s sports betting operators and gaming operators had combined revenue of $257.1m (£206m/€241.4m) in March, the highest amount so far in 2024. be.
Michigan’s March revenue increased 17.7% compared to February’s total of $218.5 million and 12.0% compared to January’s total of $229.6 million. The state’s revenue in March also increased by 18.8% compared to the same month last year.
Michigan began gaming in January 2021, and March of this year was the strongest month in online gaming history. Igaming’s revenue reached his $215.5 million in March, surpassing his all-time high of $188 million reported in February.
Meanwhile, sports betting accounted for $41.9 million of monthly revenue in March, an increase of 37.4% from $30.5 million in February. Additionally, the total amount of online sports betting amounted to $480.4 million, an increase of 19.3% from February.
Adjusted gross revenue (AGR) from both gaming and online sports betting combined was $221.1 million in March. Of this, gaming accounted for $194.5 million, an increase of 14.9% from February, and online sports betting operators accounted for $26.7 million, more than double the previous month’s $12.9 million.
Gaming AGR increased 25.8% year over year in March, while sports betting AGR decreased 15.2% year over year.
Michigan expected to exceed 2023 numbers
Michigan’s online gambling revenue reached a record high of $2.3 billion in 2023, but on its current trajectory, the state is expected to exceed that by about $500 million.
Michigan’s online operators have amassed $705.2 million in revenue so far this year, and the state is on track to surpass $2.8 billion in revenue by 2024.
Michigan has benefited from the success of online gaming in terms of taxes, with operators reporting that they filed and paid $41.1 million in taxes to the state in March.
Detroit casino march was a success
Earlier this month, Detroit’s three commercial casinos reported March revenues of $123.9 million. Compared to the same month last year, it increased by 3.9%.
March sales were 18.5% higher than February, with $122.3 million of that coming from slots and table games.
Retail sports betting qualified adjusted gross revenue (QAGR) in March was just $1.6 million, but 13.2% higher than the same month last year.
MGM Grand Detroit leads the three commercial casinos with a market share of 46.0% in March. Motor City Detroit ranked second with a market share of 31.0%, and Hollywood His Casino in Greektown accounted for 23.0%.
