Michigan iGaming and Sports Betting Revenues Reach New Highs in November

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.

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