According to the latest yearly report by the Michigan Gaming Control Board (MGCB), online gambling in Michigan for 2024 broke the all-time revenue record for the Wolverine State at $2.9 billion.
That’s counting iGaming and sports betting, which both played their respective parts in last year’s success. The new record has surpassed the previous all-time high of $2.3 billion by a full 23.8% and more than doubled the results from 2021- Michigan’s first full year of legal online gambling.
The record-breaking year extends on all fronts. The iGaming part of the equation inched above $2.4 billion, with adjusted gross receipts of $2.2 billion. Sports betting also had a momentous year with $460.5 million in revenue, marking a 9.5% rise from the previous record year.
The sports betting handle saw an increase of 15.2% and clocked at a stupefying $5.3 billion. If there’s one parameter that didn’t live up to the overall trend, it’s the sports betting adjusted gross receipts. At $194.4 million, they were 13.0% lower.
Even land-based casinos showed improvement, showing signs of post-strike bounce-back. Sitting at $1.29 billion, the state’s three casinos generated 1.6% more than in 2023.
Most Successful Operators in 2024
Each of the major operators had a successful year. Numbers-wise, the dynamic duo of BetMGM and MGM Grand Detroit led the pack with as much as $640.1 million in gross receipts. It was closely followed by FanDuel and MotorCity Casino, whose gross receipts clocked in at $552 million. The third spot was claimed by DraftKings and the Bay Mills Indian Community with $454.7 million.
Moving on to sports betting, FanDuel and MotorCity Casino dominated, ending the year with over $202.4 million in gross receipts from a $2.0 billion handle. Breathing down their necks were DraftKings and the Bay Mills Indian Community.
In 2024, they generated $125.5 million in gross receipts from a $1.5 billion handle. Third place was reserved for BetMGM and MGM Grand Detroit, with $65.8 million in revenue from $757.0 million in bets. Worth mentioning are the ESPN Bet and Hollywood Greektown Casino with $20.2 million from the $322.4 handle.
Online Gambling in Michigan and Taxes
Online gambling in Michigan hasn’t shown signs of slacking since legalization. Despite the tax increase bill failing to go through, the market is generating more tax than ever before, breaking record after record in the process. And that’s despite the slow December of 2024, which saw a decline of 7.1% compared to the record-breaking November 2024.
Speaking of taxes, the industry has contributed over $500 million to the state’s School Aid Fund in 2024, $388 million of which comes from online casinos alone. Sports betting and fantasy contests accounted for $13.2 million, while tribal casinos chipped in with $55.3 million.
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