Michigan iGaming Hits Record $2.4B, Sports Betting Falls
The Most Important Points at a Glance
The Michigan Gaming Control Board (MGCB) has released impressive figures for December 2024 and the entire fiscal year 2024. The state’s iGaming and sports betting industry collectively achieved revenue of $264.2 million in December, which represents a 9% increase compared to the previous year. Notably, iGaming impressed with record revenues, while sports betting faced challenges.
iGaming Reaches New Revenue Records
In December 2024, iGaming in Michigan recorded its highest monthly revenue ever at $244 million. This figure surpassed the previous record set in November and represents a 34.5% increase compared to December 2023. Over the entire fiscal year 2024, iGaming significantly contributed to Michigan’s economy with $2.4 billion in revenue – a growth of 26.3% compared to the previous year. These numbers highlight the growing popularity of online casino games among the state’s residents.
Sports Betting: Growth in Volume, Decline in Revenue
While iGaming boomed, the sports betting industry struggled with a decline in revenue. In December 2024, sports betting revenue dropped by 66.9% compared to the previous year, reaching $20.2 million. However, the total betting volume (also referred to as “handle”) slightly increased by 2.5% in December to $597.7 million. For the fiscal year 2024, sports betting generated a total of $460.5 million, reflecting a 9.5% increase compared to the previous year. The total betting volume for the year rose by 15.2% to $5.3 billion.
Total Revenue and Contributions from Tribal Operators
The adjusted revenue from iGaming and sports betting amounted to $219.9 million in December 2024, an increase of 10.8% compared to December 2023. Nearly all of this revenue came from iGaming, which generated $219.6 million. Sports betting contributed only $267,900.
Another important aspect is the contribution of tribal operators. They made payments amounting to $55.3 million to state and local authorities during fiscal year 2024. In December alone, these contributions totaled $5.7 million, underscoring the significance of tribal operators for the state’s finances.
Our Assessment
The figures from Michigan clearly demonstrate the strong development of the iGaming sector. With record growth and increasing popularity among players, iGaming is a central driver for the state’s gambling industry. At the same time, the declining revenues in sports betting highlight that this area faces challenges despite growing betting volumes. For players and industry stakeholders, Michigan remains an exciting market that offers both opportunities and risks. It will be interesting to observe how these trends continue into 2025.
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