As per the American Gaming Association’s (AGA) recently published commercial gaming revenue figures, Michigan has outpaced all other states in terms of online gaming (except for Nevada’s poker-only online market), with a sensational $1.92 Billion worth of online wagers placed for 2023. New Jersey has ranked second, just $115,500 less than the Great Lakes State.
Since the launch of the iGaming market in Michigan in 2021, residents of the state have digital access to an array of gambling products, including slots, blackjack, poker, and others. While these provide highly entertaining pastime for gaming fans, they also considerably increase state revenue. Far exceeding the initial forecasts of $30 to $40 Million, the industry generated $354 Million in 2023. A considerable portion of the gambling tax revenue has been funneled into the state’s School Aid Fund, to support K-12 public education.
As far as the overall gaming revenue of the US states is concerned, Michigan ranks fifth, with $3.6 Billion in 2023. The leading position, as can be expected, belongs to Nevada, with $15.5 Billion. Pennsylvania is next, with $5.86 Billion, followed closely by New Jersey, with $5.57 Billion. New York ranks fourth, with $4.7 Billion.
The January 2024 Michigan iGaming Figures Show No Indication of Slowing Down
The January 2024 figures, as reported by the Michigan Gaming Control Board, exhibit no indication of slowing down of the industry. The first month of the current year saw iGaming gross receipts amounting to $181 Million, marking a record high thus far. December 2023 held the previous record of $181.4 Million. Compared to January of the previous year, this represents an 18% increase. As for sports betting, the gross receipts totaled $47.7 Million, down from $61.1 Million in December 2023.
In January 2024, Detroit’s three major casinos reported $8.5 Million worth of wagering taxes and municipal service fees. The online sports betting taxes and fees accounted for $614,400, whereas iGaming generated $7.9 Million.
According to AGA’s report, Detroit ranked eighth in the top 20 commercial casino markets by revenue for 2023. The city reported $1,236.9 Million in gaming revenue, preserving the same position from 2022. The famed Las Vegas Strip ranked first, with $8,833.4 Million in gaming revenue.
For a third consecutive year, AGA’s Commercial Gaming Revenue Tracker has revealed substantial growth in sports betting (up 44.5% year-over-year) and online gaming (up 22.9% year-over-year).
As reported by The Detroit News, Bill Miller, President and CEO of the American Gaming Association, commented on the increase, concluding that, both in terms of gambling at land-based and online operators, “American adults’ demand for gaming is at an all-time high”.
