Michigan’s sports betting market returned to monthly growth in July after consecutive months of decline as the Great Lake state came closer to the NFL season.
Per the Michigan Gaming Control Board, operators across both the sports betting and online casino markets made $176.1m, up 4% from the results posted in June. This also marks an uptick from the $148.2m made in July of 2022.
This was broken down into $153.6m in online casino revenues and $22.5m in sports betting revenue, with both verticals marking growth from June when they stood at $151m and $18.3m respectively.
Online casino revenue of $153.6m represents growth of 21.3% on an annual basis as Michigan’s industry continues to become a big player in the online casino industry in the US.
On an adjusted basis, online casino operators in Michigan took $138.2m, marking a 1% increase from June and an 18% uptick on an annual basis.
Meanwhile, on the sports betting side of the industry, operators handled $200.8m in July, down 11.9% from the $227.9m in June. Yet a much-improved hold rate allowed sportsbooks to take $22.5m in revenue, up 23% YoY.
On an adjusted basis, operators yielded $16.4m, up a huge 77.5% from June as sportsbooks got more favorable results and presumably took lots of futures bets. Meanwhile, this also represents 16.8% growth on an annual basis as Michigan’s market works its way towards maturity.
Per the MGCB, operators paid out $29.8m in taxes for the month, broken down into $28.7m in online casino taxes and $1.1m in sports betting duties.
