Michigan sets new records in iGaming revenue and sports betting handle in October

Internet gaming and online sports betting operators in Michigan reported $134 million in combined total gross receipts for October, the Michigan Gaming Control Board announced on Thursday. The results were 6.3% higher than September numbers, and both segments posted monthly record figures.

Commercial and tribal operators’ internet gaming gross revenue totaled $109.7 million, thus setting a new state record, which exceeded the previous all-time high of $102.4 million by 7.1%, posted in September. October marked the third consecutive month that online gaming has set a revenue milestoneMGM Grand Detroit led the segment with $41.4 million in revenue.

October’s revenue produced $20.3 million in state taxes and $7.8 million in local taxes: online gaming has now reported about $220.8 million in state and local taxes since launching in January, with consistent growth month after month. Moreover, online casinos and poker rooms in the state have generated $884.6 million in revenue since launch.

Meanwhile, sports betting handle also marked a new record with $497.6 million in wagering, up 28.6% from $386.8 million in September. Most of it came from online sportsbooks, which accepted a record $463.6 million in bets, while retail wagering at Detroit-area casinos posted $34.2 million. This far surpassed the prior sports wagering high of $359.5 million set in March. Total handle was also up 30.8% from September.

Wagers approached the $500 million mark during the month, falling just short of becoming the fifth state to reach the milestone. Sports betting was backed by five full weekends of the NFL and college football, plus the opening of the NBA season and baseball’s postseason.

"Michigan bettors are increasingly comfortable with online sports betting,” said Matt Schoch, lead analyst for PlayMichigan.com. “And with a game like Michigan-Michigan State that carries intense local interest, sportsbooks were presented with a rare opportunity to expand their customer bases.”

Although handle broke previous highs, sportsbooks won less than in September: they posted total gross revenue of $26.9 million for the month, down 0.7%. Moreover, heavy promotion whittled taxable revenue to $7.3 million, which yielded $1.1 million in taxes.

FanDuel took the lead during October, placing first with $124 million in wagers, up from $82.1 million in September. DraftKings followed with $120.4 million in bets, up from $106.9 million, while BetMGM placed third for the state.

https://www.yogonet.com/international/news/2021/11/19/60304-michigan-sets-new-records-in-igaming-revenue-and-sports-betting-handle-in-october