October data released by the Michigan Gaming Control Board shows that the state's combined revenue from sports betting and iGaming in October was $253.7 million, setting a new historical high for iGaming revenue.
Overall, due to a decline in sports betting revenue, the total revenue from iGaming and sports betting in October decreased by 2.8% compared to $261 million in September 2024. Additionally, it is reported that tribal operators submitted a total of $5.2 million to the state of Michigan for the month.
Online Gaming Hits New High
In the state's total revenue for October, $220.7 million came from iGaming, which is the highest figure recorded since the state began regulating this activity in 2019, with the previous record being $215.2 million in March of this year. Moreover, iGaming revenue in October also grew by 8.5% compared to September.
In terms of Adjusted Gross Revenue (AGR), iGaming data for October also increased by 8.9% compared to September, and saw a significant year-over-year increase of 37.7%. In October 2024, iGaming submitted a total of $41.5 million in taxes to the state of Michigan.
Sports Betting Revenue Declines
Although Michigan's sports betting revenue grew by 11.7% to $560.4 million in October, the overall revenue figures for the sports betting industry saw a significant decline of 49.6% compared to the previous month. Michigan's total sports betting revenue for October was $33 million.
Compared to last month's data, October's sports betting AGR also decreased by 64.3%, and fell by 58% compared to October 2023. Overall, online sports betting contributed a total of $569,374 in taxes to the state of Michigan in October.
It is noteworthy that a decline in sports betting revenue at this time of year is common, and sports betting giants in New Jersey also reported a decline in revenue for October 2024.
Detroit
The three active casinos within the city of Detroit reported that the total amount of gambling taxes and municipal service fees for October was $10.5 million. Of this, $323,517 came from sports betting, while the remaining $10.2 million came from online gaming.
Industry Background
The latest results published by the Michigan Gaming Control Board highlight the increasingly dominant trend of online gaming. However, the monthly decline in sports betting turnover and average gaming revenue does not necessarily cause significant concern for the state, as the NFL season restarts every September, making it one of the busiest months of the year for gambling activities.
