February saw a new record for Michigan igaming revenue as 2024 revealed a year-on-year increase for the Great Lakes State.
Last month, Michigan igaming revenue hit $188million, pushing the total gaming revenue of the state above that of the previous year’s figure.
That represents more than a $6m jump from January’s figure of $181.9m, a rise of 3.2% month-to-month.
The igaming revenue contributed to an overall revenue of $218.5m, up from February 2023’s $170.8m total. That makes the year-on-year increase a significant one, up more than 22%.
However, these numbers translated to a decrease of 4.8% from the January total revenue, according to the Michigan Gaming Control Board.
Sports betting gross revenue hit $30.5m in February, dropping more than $17m from the $47.7m figure reached in January. Again, there was still a strong increase from last February’s total, though.
The combined adjusted gross gaming revenue for igaming and sports betting hit $182.1m, of which $169.2m was from igaming, with $12.9m coming from mobile sports betting.
Handle was another area that dropped massively from January to February. The total mobile sports betting handle in February was $402.6m, a drop of 30.3% from January 2024’s $577.4m handle, representing a sharp month-over-month decline.
Michigan iGaming Revenue Provides Significant Tax Income
In terms of tax revenue, operators submitted $34.7m in payments and taxes to the State of Michigan in February.
Of these figures, $33.8m came from iGaming taxes and feed, while internet sports betting made up $922,324.
In Detroit, the three casinos reported paying the City of Detroit $9,3m in wagering taxes and municipal services fees in the month of February.
iGaming taxes and fees accounted for $8.9m, with internet sports betting making up $356.663. Tribal operators reported paying $3.9m to governing bodies during last month.
As of February 2024, 15 total commercial and tribal operators have been authorized to launch iGaming and/or internet sports betting. At present, 13 offer internet sports betting, while all 15 offer iGaming, including a variety of instant withdrawal casinos.
