MGCB iGaming Stable, Online Betting Continues to Decline

Michigan’s Gaming Control Board (MGCB) published data about the performance of its licensed operators in June. The regulator said that commercial and tribal operators in the state collectively earned $169.3 million from iGaming and online sports betting. This figure, the authority added, represents an 8.9% month-on-month decrease in gross receipts.

The change is attributable to a sharp decline in sports betting, likely caused by the lack of major sporting events leading to a 21% month-on-month drop in handle (to $227.9 million.)

In June, Michigan’s online casino industry recorded revenue of $151 million. Online sports betting, meanwhile, earned $18.3 million for the same period. For reference, in May, the iGaming and sports betting sectors earned $150.6 million and $35.2 million respectively.

Adjusted gross receipts for June were $146.1 million – a figure that includes $136.9 million from online gaming and $9.2 million from online betting. For iGaming, this marks a modest month-on-month increase of 1%. Internet sports betting, on the other hand, plummeted by 58%, compared to May 2023.

Despite the seemingly bad results for sports betting, the sports betting revenue was still much higher than the revenue recorded in June 2022. For reference, iGaming adjusted gross receipts increased by 25.1% year-on-year, while sports betting AGR went up by a stellar 83.9%.

The Operators Submitted Millions in Taxes

The MGCB also published information about the online gaming and betting sectors’ tax contributions. Gambling companies in the Great Lake State submitted a total of $28.9 million in taxes.

The larger part of this figure is attributable to the iGaming sector, which provided $28.4 million in taxes. The online wagering sector, on the other hand, submitted $545,632 to the state.

The control board’s report added that Detroit’s three casinos paid $7.4 million in wagering taxes and municipal services fees during June. This notably included $7.1 million of iGaming taxes fees and $286,569 of online betting taxes and fees.

In the meantime, tribal gambling operators paid $3.5 million to local governing bodies during that same period.

For reference, Michigan currently has a total of 15 legal online gambling and sports betting operators. Additional information about the companies’ performance in June can be found on the regulator’s official website.

Last month, the MGCB announced that it expects to receive almost $51 million in funding for 2024. The money will help the regulator perform its job effectively.

More recently, the state provided a license to 4ThePlayer, a leading provider of casino content. Prior to that, the company had to operate under a provisional license.