Key points:
- Online gaming eclipses sports wagering in both revenue and state contributions
- Sports wagering handle rises, with revenue and AGR falling when compared to Septemeber
- Michigan is not the only state to experience a dip in some sports betting figures in October
Figures posted by the Michigan Gaming Control Board for the month of October highlight a combined sports betting and iGaming revenue figure of $253.7m for the month, with the state recording its highest-ever iGaming revenue figures.
Overall, October’s combined iGaming and sports betting revenue figure fell by 2.8% when compared to the $261m generated in Septemeber 2024 thanks to a decline in sports wagering revenue. Additionally, tribal operators reportedly submitted a total of $5.2m to the state of Michigan during the month.
Online gaming hits new high
Of the state’s total October receipts, $220.7m was accounted for by iGaming – the highest figure recorded by the state since the regulation of the practice in 2019, with the previous high of $215.2m being recorded in March this year. Moreover, iGaming revenue figures from October were also up by 8.5% in comparison to September’s numbers.
Regarding adjusted gross receipts (AGR), iGaming figures also rose by 8.9% in October compared to figures from September – further increasing by a sizable 37.7% year-on-year. A total of $41.5m in taxes and fees was submitted by iGaming to the state of Michigan during October 2024.
Sports betting revenue dips
Despite a 11.7% increase in sports wagering handle to $560.4m for the month of October in Michigan, overall revenue figures for the practice were subject to a notable 49.6% decline in comparison to the month previous. October sports betting revenue totaled $33m in the state of Michigan.
Sports betting AGR also declined by 64.3% in October when compared to figures from the month previous and by 58% compared to figures from October 2023. Overall, a total of $569,374 in taxes and fees was submitted by online sports betting to the state of Michigan during the month of October.
Good to know: Declines in sports wagering figures are somewhat common at this time of year, with the sports betting giant of New Jersey also reporting a revenue decline in October 2024
Detroit
The three active casino sites within the city of Detroit reported a combined figure of $10.5m in wagering taxes and municipal services fees for the month of October. $323,517 of this figure was accounted for by sports betting, with the remaining $10.2m being generated by online gaming.
Industry context
These latest results posted by the Michigan Gaming Control Board highlight the wider industry trend of increasing dominance when it comes to online gaming. However, a monthly decline in sports wagering handle and AGR isn’t necessarily of major concern to the state, as with the NFL season re-starting every September, this month of the year represents one of the highest for wagering activity on the annual calendar.
