Michigan online casinos have reportedly garnered $215 million in revenue for March 2024, its highest single-best month in history ever since it legalized online gambling back in 2019.
According to a report from the Michigan Gaming Control Board, the March iGaming gross receipts totaled $215.15 million, the highest to date. The previous high was $188.0 million recorded last month.
Meanwhile, the gross sports betting receipts for March totaled $41.93 million. This equates to a 37.4% increase on the $30.5m reported in February, which tallied gross sports betting receipts at $30.5 million. Additionally, total online sports betting handle was 19.3% higher than February at $480.4m.
March revenue from online casinos were up 15% from February’s $188 million, the previous record, and up 25% when compared to March of 2023 ($171.8 million), which was the third-highest revenue month of last year. The most recent numbers are also up 18% from January of 2024 ($181.8 million).
Michigan’s record-high one-month online casino revenue was also close to breaking the record for highest revenue for a state. Pennsylvania still holds this distinction at $215.3 million.
Michigan Online Casino Trajectory
Following the surge in revenue online casinos have produced in the last three months, Michigan is on a record pace in 2024. Back in 2023, online casinos set a record with total revenue of $1.92 billion.
The first three months of 2024 has seen the state averaging $195 million per month. Given that pace, Michigan is on course to blow past $2 billion on the year to around $2.34 billion.
Apart from the impressive on-month revenue numbers, Michigan has also surpassed a major milestone in March. Lifetime online casino revenue has now surpassed $5 billion (to exactly $5,205,379,266).
The lifetime combined state and local tax revenue from online casinos has now topped $1.3 billion. And that is coming from a state with a relatively low tax rate of 25%. These findings are great indicators for the Wolverine State, as their online casino industry has seen steady growth in its year-over-year numbers.
Michigan’s Burgeoning Casino Industry
Detroit casinos combined for $122.3 million in revenue from slots, table games and poker for March. This is the highest revenue the industry has raked in since December of 2019.
Michigan’s total gambling tax revenue is up 18.5% in just two years. This equates to a positive trajectory for traditional and online casino operators, since they reap big revenue numbers. But more importantly, residents all across Michigan are also reaping the benefits. This includes first responders and schools throughout Michigan who are of gambling tax revenue.
Many states have been apprehensive when it comes to online gambling, since they feel that legalizing it would negatively impact the bottom line of brick and mortar casinos. But Michigan is a great example that both can flourish, driving important revenue back to the state and decreasing illegal gambling.
Michigan is one of the few states in the US that legalized online casinos as part of their gambling initiative. This has proved beneficial for them, as their record-breaking tax revenues have shown, and other states have been trying to set the foundation of online casinos in their respective territories. However, developments have seen mixed results, specifically on the legislation side.
Last Updated on by jonathan r
