Michigan Reports $214.1M in June 2024 iGaming and Sports Betting Revenue

Michigan commercial and tribal operators reported a combined total of $214.1 million in internet gaming (iGaming) gross receipts and gross sports betting receipts for June 2024. This represents a 10.6% decrease compared to the previous month.

Monthly Gross Receipts Breakdown

In June, iGaming gross receipts totaled $183.2 million, while gross sports betting receipts were $30.9 million. In contrast, May’s gross receipts were higher, with iGaming at $198.6 million and sports betting at $40.9 million.

Adjusted Gross Receipts (AGR)

The combined adjusted gross receipts (AGR) for iGaming and internet sports betting in June were $136.35 million. This includes $164.56 million from iGaming and a negative $28.21 million from internet sports betting. The iGaming AGR saw a 7.9% decrease, while sports betting AGR dropped by $56.32 million compared to the previous month. This significant drop in sports betting AGR is partly attributed to a $48.2 million free play deduction taken by MGM Grand Detroit/BetMGM, which had not been previously deducted.

When compared to June 2023, the iGaming AGR increased by 20.2%, while sports betting AGR decreased by $37.4 million.

Monthly Handle and State Taxes

The total internet sports betting handle for June was $276.8 million, down 19.5% from the $343.7 million handle in May 2024.

Operators reported $35.5 million in taxes and payments to the State of Michigan for June. This includes $34.4 million from iGaming taxes and fees, and $1.1 million from internet sports betting taxes and fees.

City of Detroit Taxes and Tribal Operators’ Payments

The three Detroit casinos paid the City of Detroit $8.79 million in wagering taxes and municipal services fees for June. Of this, $8.4 million came from iGaming taxes and fees, and $391,960 from internet sports betting taxes and fees.

Tribal operators made $4.3 million in payments to governing bodies in June.

As of June 2024, Michigan has authorized a total of 15 commercial and tribal operators to launch iGaming and/or internet sports betting. Currently, 12 of these operators offer internet sports betting, while all 15 provide iGaming services.

Source:

iGaming, sports betting operators report $214.1M in June revenue, michigan.gov, July 18, 2024.