Michigan iGaming Posts Record Revenues in 2023

by TexasDigitalMagazine.com

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Posted on: January 23, 2024, 01:15h. 

Last updated on: January 23, 2024, 01:15h.

Michigan commercial and tribal operators begin 2024 on a roll fueled by momentum from 2023.

Welcome sign
A “Welcome to Michigan” sign greets motorists as they enter the state’s Upper Peninsula on US Highway 45. Michgan’s iGaming sector posted record results in 2023. (Image: spiritofamerica/Adobe Stock Images)

Total iGaming and sports betting gross receipts for 2023 hit a record $2.3 billion. That’s more than 18% higher than the revenue generated in 2022, and well above the $1.4 billion from the first year of legal betting in 2021.

The Michigan Gaming Control Board (MGCB) said the $2.3 billion in 2023 breaks down to $1.9 billion in total revenue from iGaming and $420.4 million from sports betting. Those numbers are both new annual records.

Sports in the Great Lakes State were in the national spotlight in January with a College football championship and the Detroit Lions advancing to the NFL’s NFC Championship game this Sunday.

The Michigan Wolverines’ first national championship since 1997 was a source of big bets, and as reported by Casino.org, the Detroit Lions are now driving more action heading into the championship weekend and after having drawn the highest rating for an NBC divisional game broadcast in 30 years with their defeat of the Tampa Bay Buccaneers.

Michigan’s internet sports betting handle hit a new record of $583 million in December, marking a 2.5% increase from November’s $568.8 million. The annual handle totaled $4.6 billion in 2023.

2023 Record Driven by December Surge

Michigan’s total gross gambling revenue in December hit $181.4 million — its highest monthly total ever — and more than 20% higher than in December 2022. IGaming led the way with a revenue record of $181.4 million. Gross sports betting receipts hit a new monthly high at $61.1 million.

Total online gambling Adjusted Gross Revenue for December was up almost 30% year on year at $198.4 million.

Operators paid Michigan $36.7 million in taxes in 2023, with more than $34.1 million coming from iGaming, and $2.6 million coming from sports betting.

Other Items of Business

The MGCB says board members Joni M. Thrower Davis and Andrew T. Palms were reappointed by Governor Gretchen Whitmer.

“I appreciate Governor Whitmer’s decision to reappoint Joni and Andrew to the Board, which is well-deserved recognition of their dedication, expertise, and valuable contributions to our agency’s mission and vision,” said MGCB Executive Director Henry Williams.

Their terms expire at the end of 2027.

The MGCB has also taken action against illegal operators in the state, with cease-and-desist letters being sent to three online gaming companies it says are operating illegally.

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