Wednesday, October 5, 2022

Michigan posts 8 online gaming revenue increase for July

News Online 19 Aug 2022

Michigan posts 8% online gaming revenue increase for July

By Matthew Nicholson

Commercial and tribal operators in Michigan have reported $148.2m in gross gaming and gross internet sports betting revenue for July – an 8% increase on June’s $136.9m.

The breakdown of the figures showed internet gaming was up 4%, with $126.6m – while sports betting totalled $21.6m, a 40% increase on the previous month.

However, it wasn’t all increases in Michigan, as the total sports betting handle dropped 23% in July by reporting a $206.1m total, which fell against June’s $270m.

Though handle dropped, the iGaming market in the state is only going to grow according to OddsSeeker, which last month tipped the US state to become the largest iGaming market in the US.

The speed at which the Michigan market has grown since it legalised online gambling in December 2019 led OddsSeeker Sports Editor Frank Weber to remark: “Based on the year-over-year growth trajectory for New Jersey, since inception, it seems clear Michigan will inevitably pass New Jersey in online gambling revenues and become the largest and most important betting and iGaming market in America.”

After it posted its H1 results, the state reported that its online casino and poker sites generated $757m in revenue for the first six months of 2022, a figure that shows how strong the appetite for gambling is in Michigan since it only began online gambling in January 2021.

Combining the total gambling income for the first seven months of the year, Michigan’s internet gaming has generated $798.9m, while its internet sports betting total for the same period sits at $88.1m.

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