MI Online Gambling Revenue Hits $1.4bn in the First Year of Operation

marina author e1636548259369
MI Online Gambling Revenue Hits $1.4bn in the First Year of Operation

Michigan’s online gaming and betting market has generated $1.4bn since its launch on 22 January 2021.

According to the MGCB report, players have bet $3.7bn through the state-licensed applications. After paying out the wins, gambling operators retained $1.4bn of gross revenue — $1.1bn from online gaming and $292.m from online betting.

After all the adjustments and deductions, gross receipts amounted to $1.1bn, with $110.6m coming from sports bets and the rest — from online casino games.

As a result, the state of Michigan has obtained $208.9m of tax revenue, with $201.6 of them brought by online casinos and $7.2m more coming from sports betting taxes.

Detroit city has received $59.3min taxes from the three commercial casinos — MGM Grand Detroit, Motor City, and Greektown. $55.2m of the amount was brought by online gaming, $4m — by sports betting and related fees.

An additional $22.3m was paid to the state government by tribal casino operators.

2021 ended with $156.5m revenue generated in December by MI casino and sports betting operators, which is 3.2% less than November revenue. The total handle in December, however, increased by 2.3% and totaled $484.6m. Online gambling hit a new record and generated $121.7m in revenue in the last month of the year.

Most Recent News