Michigan Breaks Sports Betting Records in February

Michigan Breaks Sports Betting Records in February

Michigan reported a record-breaking gross income of $122.78million from online casino gaming and a declining income of $22.5million from sports betting in February. As a result, Michigan’s gaming industry has become the classic example of growing internet gaming domination and the gradual decline of sports betting receipts in most States.

February’s mixed bag for Michigan Gaming

The internet gaming and sports betting report for February 2022 tabled by the Michigan Gaming Control Board (MGCB) had significant insight for country-wide gambling operators.

Firstly, the 14 operators in the State who offers “both forms of online betting” reported 6.8% less gross internet gaming receipts for January.

Secondly, combined internet casino gaming and sports betting from commercial and tribal operators were $145.28million.

The gross receipts for February from internet gaming was $122.78 million, surpassing previous records of $121.8 million reported in December of 2021. The receipts for gross sports betting were $22.5 million.

Adjusted Gross Receipts

Adjusted gross receipts reported were $106.61 million against $110.56 million accrued from internet casino gaming. However, the overall internet sports betting category posted a loss of $3.95 million, with sequential base adjustment posting a 1.3% increase in Internet gaming for February.

In the past two months, adjusted gross receipts for 2022 initial months were $219.7 million, while $15.2 million was reported in internet sports betting against adjusted gross receipts. 

Emphatic Internet gaming growth

The highlight of the latest monthly internet gaming results is that the year-on-year growth of this segment is steadily increasing at 47%. The adjusted gross receipts for internet sports betting are 63.4%.

The total handle for the states declined to 19.8% as part of $398.4 million in February compared to previous months. The state taxes reported $22 million, a significant share of $21.6 million coming from internet gaming taxes and fees. Internet sports betting taxes and fees were $360,354.

Detroit’s gambling revenue contribution came in the form of $6.2 million in wagering taxes and municipal services fees. Of this, $6 million came in the form of internet gaming taxes and fees for $221,194 as part of internet-based sports betting fees.

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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.