Michigan’s annual iGaming revenue record driven by huge December

Article by : Charles Perrin Jan 25, 2024

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Michigan is riding the crest of a wave after announcing record iGaming revenues for 2023.

A slew of states have published their revenues for 2023 over the past week, and like many of its counterparts, Michigan enjoyed a banner year.

The results released by the Michigan Gaming Control Board (MGCB) indicated gross online sports betting and iGaming generated $2.3 billion in revenues in 2023, representing an 18.3% uptick on the $1.98 billion returned in 2022.

Moreover, it was the highest annual total achieved since the Great Lakes State opened its legal market in 2021. In the first year of operation, Michigan posted $1.4 billion in revenues.

Breaking down the $2.3 billion figure for 2023, iGaming contributed $1.9 billion in revenue, with $420.4 million coming from sports betting, and both of these are annual records.

But it seems that a December surge fueled the stunning iGaming revenues in 2023 for Michigan.

Yes, the state’s total gross gambling revenue hit $181.4 million, representing the best-ever monthly figure, and it was more than 20% higher than the same corresponding period in 2022.

Even after accounting for promotional deductions, the total online gambling adjusted gross revenue (AGR) for December stood at $198.4 million, up almost 30% year-on-year.

Licensed commercial and tribal operators, which are included in the overall figures, contributed $36.7 million in taxes in 2023, with more than $34 million coming from iGaming, while the rest was stumped up by sports betting.

In other news, the MGCB has taken action over three gaming sites operating illegally in the state.

To crackdown on this, the MGCB sent cease-and-desist letters to the unauthorized websites after being given a tip off.

For now, Michigan iGaming is on a roll, and the objective will be to continue the momentum in 2024.