Alongside a Booming Online Casino Market, Michigan’s Land-Based Casinos are Still Going Strong
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Michigan is one of just six states that permit internet gambling. MI online casinos have made more than $3.17 billion in operator income and more than $817 million in state taxes since they opened in January 2021.
However, states without online gaming are worried that the online gambling industry will eventually replace brick-and-mortar casinos within their borders.
That idea is simply just untrue if Michigan is any guide. The state’s iGaming market is booming, and MI tribal casinos are reporting gaming income that is higher than the pre-pandemic levels for the year.
The first quarter of 2023 saw the best revenue performance for Detroit’s three retail casinos since 2019, despite the fact that they aren’t quite meeting their targets.
MI casinos are as robust as ever when you include the increase in online sportsbooks and iGaming income in their bottom line. They ought to serve as a terrific example for other states that are debating whether to legalize iGaming.
Michigan Commercial Gaming Hits Records in 2022
In MI as well as the rest of the country, 2022 was a record-breaking year for the gaming market. The overall value of commercial gaming in MI was $3.3 billion, a 20.7% increase from 2022.
These are the numbers for Michigan in 2022:
- Casino sales in Detroit totaled $1.3 billion;
- Revenue from retail sportsbooks in Detroit was $19.1 million;
- Revenue from internet casinos in Michigan is $1.6 billion;
- $400 million was made via online sportsbooks in Michigan.
The American Gaming Association estimates that each of the three primary verticals has set new revenue records in the U.S. in 2022.
The overall revenue from slot machines and table games was $47.83 billion. That represented 79.3 % of the total revenue from commercial gaming. While iGaming generated $5.02 billion (8.3%) in revenue, sports betting brought in $7.5 billion (12.4%).
