Michigan’s online gaming revenue dropped around 10% in April 2023 compared to the previous month, as a lack of football and college basketball thwarted sports betting activity.
Data from the Michigan Gaming Control Board revealed that tribal and commercial operators generated $195.7m in revenue during April, noting a decrease of 9.6% from March, largely driven by a drop in sports betting activity. However, the market is showing strong growth as the revenue figure displays 20% growth from April 2022.
Online casino revenue also dropped from March, which was a record-setting month. Online casino revenue totaled $159.4m, down 7.2% from the $171.8m record set in March. The regulator noted that operators made $143.4m in AGR, meaning around $16m was spent on promotional material and credit. This marks a 20.2% increase year-over-year, however.
Meanwhile, on the sports betting side, the end of the NFL season and the March Madness tournament caused handle to fall by 20.8% from March to $322.8m.
With a hold rate of 11.2%, revenue for sports betting reached $36.3m, down 19% from the $44.6m generated in March. This was also 117.4% up from April 2022, displaying the strong growth of the Michigan sports betting market on an annual basis.
On an AGR basis, operators made $24.5 million from online sports betting, down 22% from March but up 46.8% YoY.
Operators paid out $31m in taxes to the state during April’s operations, broken down into $29.4m for online casino taxes and fees, and $1.6m in sports betting duties.