Michigan iGaming Revenue Grows 24.7% in July 2024

Júlia Moura August 22, 2024

Share it :

Michigan iGaming Revenue Grows 24.7% in July 2024

In July 2024, the sports betting market in Michigan recorded superb revenues, reflecting the continued growth of this sector in the state. According to data released by the Michigan Gaming Control Board, commercial and tribal iGaming and sports betting operations generated a total revenue of $220.86 million over the month. This figure represents an increase of 3.2 percent compared to the month of June, highlighting iGaming as the main driver of this growth, with revenue that reached $191.44 million.

Although the sports betting segment showed a 9.6 percent decline in total bets compared to June, totalling $250.2 million, gross sports betting revenues still totalled $29.42 million. This result highlights the variation of the sports betting market, which can vary significantly from one month to the next.

The combined iGaming and sports betting adjusted gross profit (AGR) in Michigan in July 2024 was $189.5 million. iGaming AGR grew by 4.7 percent compared to the previous month, highlighting the strengthening of this segment. In addition, when compared to the July 2023 figures, the growth was even more significant: an increase of 24.7 percent in iGaming AGR and 5.2 percent in sports betting AGR, which highlights the growing interest of consumers in these entertainment modalities.

The economic impact of these activities is also reflected in the taxes and payments collected by the state of Michigan, which totalled US$ 37.1 million. Of those, $9.11 million was generated by the City of Detroit, where the city’s three casinos contributed a total revenue of $105.9 million. MGM Casino stood out with a 48 percent market share and a 2.5 percent increase in monthly revenue, reaching $51.3 million.

In addition to contributions from Detroit casinos, tribal operators made payments of $4.5 million to state government agencies throughout July. This promising scenario is complemented by the expansion of new offerings in the Michigan market, such as the launch of the hybrid dealer game, MGM Bonus City, by BetMGM, which arrives in the state after a successful debut in New Jersey.