Michigan iGaming revenues surpass $200m mark for just the second time

Article by : Charles Perrin Oct 23, 2024

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Michigan is in buoyant mood on the back of a superb month for iGaming revenues.

According to the latest figures published by the Michigan Gaming Control Board (MGCB), iGaming contributed $202.6 million in revenue in September.

Combined with online betting, total gaming revenues hit $261 million in the Wolverine State. Reflected as gross receipts, the figure is 21.4% higher than last year and it climbed more than 16% compared to August of this year.

Adjusted gross receipts, which accounts for promotional spending and activities, sat at $209.9 million.

On this front, this bettered last year’s total by 24.6% and it was more than 2.5% higher than August.

Looking at iGaming in isolation, Michigan only surpassed the $200m revenue mark for the second time in its history.

March 2024 represented a banner month as online operators combined for iGaming revenues of $215.5m.

While the MGCB didn’t break down the iGaming market by type, BetMGM continues to lead the way. In September, BetMGM, in partnership with MGM Grand Detroit, reported $53.4m in gross revenue (GGR) and $48m in adjusted gross revenue (AGR).

FanDuel and MotorCity Casino came in second with $48.8m in GGR, while DraftKings and the Bay Mills Indian Community rounded off the top 3 with $38.2m in GGR.

In terms of sports betting, things also look rather promising, with GGR reaching $58.4m.

This smashed last year’s total by 32.7%, and it is the second-highest month on record since the market opened, falling just short of December 2023’s return ($61.1m).

Here, FanDuel and MotorCity Casino remain the market leaders, taking in $24.4m in gross receipts from $180.1m in handle, which translates to a hold of 13.55%.

Michigan, which has a significant illegal online gambling presence, has been trying to crack down on this. Recently, Papaya Gaming was sent a cease-and-desist letter telling them to stop operations.

But as things seem to show, Michigan appears to be in robust shape when it comes to iGaming. Perhaps hitting the $200m revenue mark more regularly in the future won’t come as much of a surprise moving forward.