Michigan’s sports betting market experienced a slight downturn in August compared to the prior month despite the new NFL season kicking off the following month.
According to data from the Michigan Gaming Control Board, the Great Lake State’s combined sports betting and online casino industry generated $175.4m in August, down 0.4% compared to July. This does mark a significant increase, however, from the $154.9m made during August 2022.
This revenue was broken down into $152.2m from online casino and $23.2m from sports betting, both of which were slightly down from the $153.6m and $22.5m made respectively in July.
Online casino revenue of $152.2m marks growth of 16.3% from the $130.9m generated in August 2022, as Michigan continues to grow on the igaming front being one of only six states to have legal online casino.
On an adjusted basis, online casino operators generated $137.2m last month, marking an annual growth rate of 16.8%.
Meanwhile, sports betting operators handled $218.5m in bets, an uptick of 8.8% YoY from the $200.8m handled in August 2022. Yet a weaker hold rate meant that the revenue figure was actually slightly down YoY, with the $15.9m in adjusted revenue declining 3% from July and 1.3% YoY.
It is worth noting that in July, there was an anomaly in revenue when turnover grew by 77.5% in just one month, meaning that it was going to be a tall order keeping up with that pace of growth.
Per the MGCB, operators paid out $29.7m in taxes to the State, broken down into $28.6m from online casinos and $1.1m from sportsbooks.