Michigan sports betting market grows annually despite monthly slump

Michigan map
Image: Shutterstock

Michigan’s sports betting market continued its monthly decline as the major sports seasons slowed down in June, though it did show resilience on an annual basis. 

Per the Michigan Gaming Control Board, operators in the sports betting and online casino market in June made $169.3m, down 8.9% on corresponding results in May. However, this does mark an increase of 23.7% year-over-year as the Great Lake state market continues to grow. 

This revenue was broken down into $151m in online casino and sports betting income of $18.3m, with sports betting revenue down significantly from May owing to the NFL and NBA seasons currently in their offseason. 

Online casino revenue increased by 24.3% YoY as the igaming market that opened back in 2021 continues to expand. This figure is flat from May when online casino operators took $150.6m last month. 

The MGCB also looks at the adjusted revenue figures, which deduct certain costs that could include promotional giveaways. This revealed that operators took $136.9m, up 1% from May and up 25.1% YoY. 

Meanwhile, on the sports betting side of the industry, handle stood at $227.9m last month, down 21% from May, reflecting the less favorable market conditions. This, however, is up 3% year-over-year. 

Operators held 8% in June, pushing revenue to $18.3m, up 18.8% year-over-year as the sports betting market shows stong annual growth despite seasonal shortcomings. On an AGR basis, operators took $9.2m, up 83.9% showing the strength of the market. 

To highlight the drop in sporting action, this figure was down 58% from May despite the annual performance. 

Operators in Michigan paid $28.9m in taxes to the state last month, broken down into $28.4m from online casino and $545k from sports betting.