Michigan iGaming and Sports Betting Revenues Reach New Highs in November

Michigan operators achieved remarkable milestones in November 2024, with combined internet gaming (iGaming) and sports betting gross receipts totaling $284.3 million. This figure, reported by the Michigan Gaming Control Board (MGCB), reflects a 12.1% increase from October and a significant 35.9% rise compared to November 2023.

Record-Breaking iGaming Receipts

November’s iGaming receipts reached an unprecedented $226.0 million, suring the previous record of $220.7 million set in October. Adjusted gross receipts (AGR) for iGaming totaled $203.3 million, marking a 2.4% increase month-over-month and a 28.9% jump year-over-year. The dominance of iGaming in the Michigan market continues, fueled by the strong performance of major operators.

The sports betting segment also witnessed significant growth, with November’s gross receipts hitting $58.3 million, up 76.7% from October and an impressive 72.0% increase year-over-year. Adjusted gross receipts for sports betting soared to $37.1 million, reflecting a staggering 264.8% rise compared to October and a significant improvement from $294,810 in November 2023.

Online sports betting achieved a new milestone, with a handle of $650.2 million, suring the previous record of $613.4 million set in December 2023 by 6.0%. The hold rates for November stood at 8.97% for gross receipts and 5.71% for adjusted receipts.

Among the iGaming operators, BetMGM and MGM Grand Detroit claimed the top spot, generating $59.7 million in gross receipts and $53.7 million in adjusted receipts. FanDuel and MotorCity Casino closely followed with $57.0 million in gross receipts and $51.3 million in adjusted receipts.

DraftKings and the Bay Mills Indian Community rounded out the top three with $41.6 million in gross receipts and $37.4 million in adjusted receipts.

For online sports betting, FanDuel and MotorCity Casino led the market with $22.1 million in gross receipts from a $245.6 million handle, achieving a 9.0% hold. DraftKings and the Bay Mills Indian Community secured second place with $18.4 million in gross receipts from $182.8 million in wagers, yielding a 10.07% hold. BetMGM and MGM Grand Detroit followed with $9.7 million in gross receipts from a $93.8 million handle and a 10.34% hold.

Other notable performers included ESPN Bet and Hollywood Greektown Casino, which reported $2.4 million in gross receipts from a $31.3 million handle with a 7.7% hold. Fanatics, partnered with the Lac Vieux Desert Band of Lake Superior Chippewa Indians, recorded $4.1 million in gross receipts from a $36.6 million handle, achieving an 11.20% hold.

Tax Contributions and Payments

In November, operators submitted $44.4 million in total taxes and payments to the state, with $42.5 million attributed to iGaming and $1.9 million from sports betting. Detroit’s three commercial casinos contributed $11.2 million in wagering taxes and municipal fees to the city, including $10.6 million from iGaming and $564,069 from internet sports betting. Tribal operators added $5.2 million in payments to governing bodies.

Michigan’s land-based casinos also experienced notable growth. Detroit’s three commercial casinos reported $108.4 million in revenue, up 37.0% from November 2023 and 5.3% higher than October 2024. This total includes $106.4 million from table games and slots and $1.91 million from retail sports betting, with $21.0 million wagered on sports.

MGM maintained its lead in market share with 46%, followed by MotorCity at 31% and Hollywood Casino at Greektown with 23%. The casinos paid $8.6 million in gaming taxes to the state and $13.2 million in taxes and development payments to the city of Detroit, along with $72,376 in state sports betting taxes and $88,460 to the city.

As of November 2024, Michigan boasts 15 authorized commercial and tribal operators offering iGaming and/or internet sports betting. The market’s continued expansion and record-breaking performances highlight the state’s strong position in the online gaming and betting industry.

Source:

”iGaming, sports betting operators report $284.3M in November revenue, set record with $650.2M in online sports betting handle”, michigan.gov, December 17, 2024.