After a summer slump, Michigan’s sports betting market returned to growth as bettors enjoyed the first few weeks of the 2023/24 NFL season.
Data from the Michigan Gaming Control Board revealed that sportsbooks in the Great Lake State made $44m in revenue from trading last month, marking an increase of nearly 100% from August’s tally of $23.2m. However, this does represent a 7.9% decrease year-over-year.
The regulator’s data showed that sportsbooks handled $457.7m in September, more than double the amount that was bet in August, fueled by NFL bets. Handle also grew a significant 35.6% on an annual basis showing the growing appetite for betting in the state which launched its market around three years ago.
The rising handle annually also indicates that bettors fared much better than they did one year ago, with favorable results impacting operators’ revenue. This trend has been seen across multiple state revenue reports for September.
On an adjusted basis, sportsbooks made $18.7m from September trading, up 17.8% from August but a 31.1% decline annually.
Meanwhile, on the online casino side of the industry, operators made $166.4m up 43.7% YoY. Michigan continues to grow on the igaming front, being one of only six states to have legal online casino gaming.
On an adjusted basis, online casino operators generated $149.8m, up 9.2% from August and 29.3% on an annual basis.
In total, the Michigan gaming industry exclusive of land-based casino gaming made $210.4m, marking an uptick of 20% YoY.
Operators paid out $32.6m in taxes to the state, broken down into $31.3m from online casinos and $1.3m from sportsbooks.
The MGCB does not provide operator-specific data within its reporting each month.
