Michigan’s Record-Breaking Sports Betting Holiday Season
Sports Betting and Igaming Keeps Gaining Popularity and Generating Money for Michigan
Lucky Wolverines! 🤑
If you thought the only thing spinning faster than a slot machine in Michigan was Eminem’s flow, then get ready to have your mind blown. The betting news from the Great Lakes State is heating up quicker than a Detroit muscle car hitting the drag strip.
It’s like Michigan took a page out of Las Vegas’ playbook and cranked it up to 11, with online sportsbooks and casinos popping up faster than new flavors at an ice cream shop.
So, let’s cut to the chase – in December, Michigan’s commercial and tribal operators pulled in a jaw-dropping $242.5 million in iGaming and sports betting gross receipts. I mean, that’s enough cash to make Scrooge McDuck jealous! This wasn’t just a modest increase; it was a whopping 15.9% jump from the previous month. It seems like Michiganders were feeling extra lucky during the holiday season.
Gross online sports betting and igaming revenue in Michigan hit $2.30bn (£1.81bn/€2.11bn) in 2023, the highest annual total since the Great Lakes State opened its legal market https://t.co/jUgaQOXNuL pic.twitter.com/uLD14qrs8n
— iGB (@iGamingBusiness) January 22, 2024
Now, brace yourselves for the real kicker – the total online revenue for 2023 hit a staggering $2.3 billion. That’s right, billion with a ‘B.’ It looks like Lady Luck decided to make Michigan her favorite gambling destination last year.
The December party was headlined by online gambling, stealing the spotlight with a record-breaking $181.4 million in gross receipts. Move over, November 2023 – you’ve been dethroned! And sports betting wasn’t far behind, raking in $61.1 million, also marking its own personal best. It’s like the Wolverine State was on fire – in a good way!
Top 10 U.S. states in sports betting $$ wagered in Dec. 2023 (of states reporting so far, h/t @AlTruda73):
1. New York: $2.05B
2. New Jersey: $1.28B
3. PA: $925.6M
4. MA: $658.7M
5. Michigan: $613.4M
6. Maryland: $560M
7. IN: $503M
8. TN: $493M
9. LA: $377M
10. Iowa: $282.7M— Ben Fawkes (@BFawkes22) January 19, 2024
The combined adjusted gross receipts (AGR) for iGaming and online sports betting in December reached a staggering $198.4 million. iGaming did a little victory dance with a 3.5% increase, hitting $163.3 million, while sports betting flexed its muscles with a 34.9% jump, landing at $35.1 million. That’s what I call a power duo.
Comparing year-on-year, iGaming AGR spiked by 18.8%, and sports betting wasn’t slacking either, showing off a 14.3% increase. It’s like these numbers are training for a marathon, always pushing their limits.
Hold on, we’re not done yet. Michigan also set a new record for the highest sports betting online handle in December – a whopping $583.0 million. That’s like betting on red at the roulette table and having the ball land exactly where you wanted. The annual handle for 2023? A jaw-dropping $4.6 billion. Bet you didn’t see that coming!
Now, let’s talk taxes – the necessary evil that comes with big wins. In December alone, Michigan raked in $36.7 million from taxes and payments. The big chunk, a cool $34.1 million, came from online betting, while sports betting chipped in with $2.6 million. I guess you can say Michigan’s tax collectors were the unsung heroes of the gambling saga.
Detroit’s three casinos weren’t shy about contributing to the tax pool, throwing in a hefty $9.4 million in Internet gaming taxes and fees. Meanwhile, tribal operators reported making it rain with $4.3 million in payments to governing bodies. It’s like the casinos and tribes decided to host their version of a tax-paying fiesta.
Zooming out to the whole of 2023, Michigan’s commercial and tribal operators boasted a combined $2.3 billion in total iGaming and sports betting gross receipts. iGaming dominated the charts with $1.9 billion, while internet sports betting added a respectable $420.4 million to the pot. That’s an 18.3% increase over the previous year – talk about hitting the jackpot!
The new camera moving feature in #WWE2K24 sounds insane.
First thing I’m doing if possible in Royal Rumble. And I hope everyone else does the same too. pic.twitter.com/r63BAISF28
— ThisGenGaming (@ThisGenGamingYT) January 22, 2024
But wait, there’s more. In 2023, the AGR for iGaming and sports betting reached $1.956 billion. iGaming once again stole the show with a cool $1.733 billion, while internet sports betting flexed its muscles with $223.451 million. An 18.8% increase over 2022? These numbers aren’t playing – they’re winning.
Taxes and payments in 2023 hit a remarkable $369.8 million, with the lion’s share – $354.0 million – coming from iGaming. Sports betting brought in a cool $15.8 million. Detroit’s casinos coughed up an impressive $95.8 million in Internet gaming taxes and fees, while tribal operators threw another $43.1 million into the tax pool.
So there you have it, folks – Michigan’s iGaming and sports betting rollercoaster of 2023. It’s been a wild ride, and I’m pretty sure the Wolverine State is ready to double down in 2024. Buckle up – who knows what surprises the next spin might bring?
Good morning, Detroit pic.twitter.com/jWH9qGt8FM
— Detroit Lions (@Lions) January 22, 2024
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