The Michigan online gambling industry increased its revenue in 2023 compared to previous years. According to gambling industry news reports, the total revenue for the year increased 18.3 percent year over year to $2.34 billion. Thus, it is higher than the $1.98 earned in 2022 and $1.40 billion in 2021.
According to bookie PPH experts, the data shows that online gambling (iGaming) and sports betting were critical in generating this phenomenal expansion. Earnings from internet gambling alone hit $1.90 billion, with $420.4 million coming in from gross sports betting. Though the total yearly sports betting handle was relatively stable at $4.60 billion, these data showed significant year-on-year growth and set new milestones.
The overall AGR from iGaming and sports betting came to $1.96 billion after accounting for promotional discounts, which is an astounding growth of 18.8 percent from last year.
Michigan Online Gambling Industry
In 2023, the iGaming industry began to play a significant role in Michigan’s gaming income. Earnings from iGaming reached a record $1.73 billion, an increase of 18.3% from 2022 levels. In addition to the industry’s substantial success, adjusted gross sports betting receipts reached $223.5 million.
The income from gaming operators’ tax collections came to $369.8 million, with $354.0 million from iGaming taxes and fees and $15.8 million from the sportsbook business sector. Governments received $95.8 million in taxes from three large casinos in Detroit for iGaming and sports betting and $43.1 million from tribal operators.
Michigan had a banner year in 2023, with record-breaking gaming income in December. At $181.4 million, the most significant monthly total for gross online gambling income in 2023 surpassed the previous two years’ totals by a massive margin of 20.4%.
Gross income in the iGaming industry hit a new high of $181.4 million, driving the overall revenue jump. Gross sports betting receipts, which reached $61.1 million, also broke another record this month, while the handle reached $583.0 million.
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