Michigan’s iGaming and sports betting operators reported a robust performance for July 2024, with combined gross receipts hitting $220.86 million. This marked a 3.2% increase from the previous month, demonstrating sustained growth in these sectors.

The breakdown of the gross receipts for July shows iGaming leading with $191.44 million, while sports betting contributed $29.42 million. These figures represent a slight shift from June’s performance, where iGaming grossed $183.2 million and sports betting $30.9 million. The overall adjusted gross receipts (AGR) for July totaled $189.5 million, including $172.3 million from iGaming and $17.2 million from internet sports betting. Notably, iGaming AGR was up by 24.7% year-over-year, and sports betting saw a 5.2% increase from July 2023.

In terms of state contributions, operators reported a total of $37.1 million in taxes and payments to the State of Michigan during July, according to the Michigan Gaming Control Board. The breakdown included $36.0 million from iGaming taxes and fees and $1.1 million from internet sports betting taxes and fees. Additionally, the three Detroit casinos reported paying $9.11 million in wagering taxes and municipal services fees, which included $8.8 million from iGaming and $311,475 from internet sports betting. Tribal operators also contributed significantly, with $4.5 million in payments to governing bodies.

The cumulative impact of Michigan‘s iGaming sector on state and local tax revenues has been substantial, with total lifetime tax revenue from online casinos surpassing $1.5 billion by July 2024. BetMGM alone has contributed over $510 million, highlighting its substantial economic impact within the state.

A Record-Breaking Month

July 2024 marked a particularly strong month for Michigan’s iGaming sector, recording its fourth-highest revenue month in state history with $191.4 million, up 25% from July 2023. The sector’s performance has been consistently high, with revenue exceeding $180 million for eight consecutive months. The Michigan Gaming Control Board, releasing these numbers today, highlighted the sector’s robust growth trajectory.

The competitive dynamics within Michigan’s iGaming market have been intense over the past month. BetMGM led the market for the third consecutive month, generating $50.7 million in July, slightly widening its lead over FanDuel, which posted $46.7 million. This rivalry underscores the intense competition and strategic maneuvers within the state’s online casino sector.

DraftKings also showed a significant rebound, marking its best performance since April with $37 million in revenue, securing its position as the state’s third-largest operator. In contrast, Golden Nugget experienced a downturn, earning $7 million in July, a 19% decrease from June, illustrating the fluctuating fortunes within this competitive market.

As Michigan’s iGaming and sports betting markets continue to expand, projections suggest that online casinos could set a new annual revenue record, potentially reaching over $2.32 billion by the end of 2024. This optimistic forecast is supported by the consistent monthly revenues and the sector’s ability to attract and retain players.