Latest figures from the Michigan Gaming Control Board (MGCB) show that the state’s online gaming and sports betting markets continue to grow healthily, fueled by the iGaming sector’s third-best month ever.
The MGCB reported that total revenue across all online gaming and online sports betting in August totaled $224.0 million, up 27.7% year-over-year. Accounting for promotional spending, adjusted gross revenue across both verticals was $193.2 million, a rise of 26.2%.
iGaming accounted for $196.7 million of the gross revenue, the third-highest GGR that Michigan has ever recorded after March and May of this year and a 2.8% uptick of more than $5 million from July. Overall adjusted iGaming revenue was $176.9 million after the 10% in allowed deductions. Both of those revenue totals were up around 30% from last year.
In all, $36.9 million of Michigan’s combined $37.8 million in online gaming and sports betting tax revenue came from iGaming.
Year-to-date, Michigan iGaming revenue is trending 24.8% higher than last year. August’s revenue total makes the Great Lakes State the third market, after Pennsylvania and New Jersey, to reach $6 billion in all-time iGaming revenue.
Meanwhile, on the sports betting front, online sportsbooks took $280.1 million in bets in August, a 28.2% increase from last year.
Gross sports betting receipts were 18.1% higher than August 2023 at $27.4 million, while the sports wagering AGR rise was much smaller at 2.5% as sportsbooks continue to spend heavily.
BetMGM keeps iGaming lead, FanDuel dominates OSB
BetMGM remains Michigan’s market leader in iGaming, taking $52.5 million in GGR and $47.2 million in AGR through its partnership with MGM Grand Detroit.
FanDuel, partnered with MotorCity Casino, sits second in iGaming revenue with $48.4 million ($43.5 million adjusted). However, the Flutter-owned operator has made huge strides over the last 12 months; its GGR was 45.7% higher than last August and its year-to-date iGaming surge is even higher at 59.0%.
DraftKings is third in Michigan iGaming with $36.6 million GGR and $32.9 million AGR. Meanwhile, BetRivers and Caesars Palace both set new monthly revenue highs of $13 million and $12 million, respectively.
As well as its big gains in iGaming, FanDuel is the clear frontrunner when it comes to Michigan sports betting.
The U.S. market leader took $101 million in sports wagers in August, yielding gross revenue of $11.1 million ($7.6 million adjusted). DraftKings is in second, with its $78.1 million monthly handle producing revenue of $7.6 million gross and $4.4 million adjusted. BetMGM completes the sports betting podium with $4.6 million GGR and $2.9 million AGR from $41.2 million in bets.
