Michigan Casino Revenues Rise

Michigan Casino Revenues Rise

Poker rooms and casinos in Michigan revenues have increased in August 2021. Volume increased narrowly for digital sportsbooks but revenue has reached a record high. Revenue has reached up to $97.2 million that is 5.3% from the 93.3 million in the past month. This has also generated tax revenue to the state to the tune of $17.9 million. The local tax has also been collected to the tune of $6.9 million. The reason for this record increase in revenue could be attributed to the first full month of live online dealing and casino games that started in the state in July.

Top Revenue Grossers

MGM Grand Detroit and BetMGM were the top earners in the poker and online casino market, earning $39.7 million in gross gaming revenue. State and local taxes were generated to the tune of $10.5 million. Eric Ramsey, Analyst at PlayUSA commented that online casinos in Michigan are growing and are now offering live dealer games. He expects revenue to grow as interest in online casinos in the state is growing and dwarfing sports betting in terms of tax revenue. As the state of Michigan braces for four very busy months of gambling, inspite of recording a volume increase, Michigan could not replicate the increase in revenue.

Gaming revenue in Michigan

Online betting gross gaming revenue fell to $15.9 million from $19.6 million, a decrease of 18.8% in July 2021. When retail revenue was added, the sportsbooks in the state recorded a combined revenue of $17.5 million, 15.6% lesser than revenue in the month of July 2021. Online betting generated a taxable revenue of $9.2 million. State and local taxes were generated to the extent of $757,405.

The modest increase in sales volume was sufficient to increase revenue past $2 billion in retail and online wagering. This is an all-time high revenue for the state. This growth is indeed remarkable, no matter what the point of view, and this view is echoed by Matt Schoch, PlayMichigan Lead Analyst. He stated that tax revenue has been underwhelming but with revenue expected to rise, tax revenue is also expected to rise.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.