Michigan igaming revenue up 23.6% year-over-year in February
Online gaming monthly adjusted gross receipts for Michigan totaled US$209.1 million for February, up 23.6% year-over-year from US$169.2 million. Yet, the Michigan Gaming Control Board reports that online gaming revenue declined 10.3% compared to January.
Aside from adjusted gross receipts, monthly gross receipts for online gaming yielded US$222.5 million, up from US$188 million reported the previous year, which was the highest recorded gross receipts at the time.
Michigan’s online sportsbooks generated a handle of US$379.8 million, declining year-over-year from US$402.6 million and decreasing month-over-month by 31.6%.
The Michigan Gaming Control Board licenses 11 sportsbook operators, including BetMGM, FanDuel, Caesars Sportsbook, DraftKings, Fanatics Sportsbook and BetRivers.
Monthly adjusted gross receipts for online sportsbooks yielded US$27.2 million in February, a rise compared to the previous year, which reported US$12.9 million in adjusted gross receipts, but down 50.2% month-over-month.
The Michigan Gaming Control Board also disclosed that online gaming was taxed at US$43.8 million while online sportsbooks submitted US$1.5 million in taxes to the state.
Operator taxes for online gaming are distributed between the Control Board’s Lawful Internet Gaming Act, Bingo Act, the Compulsive Gaming Prevention Fund and Michigan’s School Aid Fund, while sports betting taxes are distributed across the Michigan Gaming Control Board Regulation and Enforcement Act, the Compulsive Gaming Prevention Fund, the First Responder Presumed Coverage Fund, and the School Aid Fund.
