Photo: John Locher/AP Photo The online gambling industry is off to a flying start in the Wolverine State. Just two months after launching Michigan betting apps, casino lovers and sports fans in the Great Lakes State have wagered millions online. The Michigan Gaming Control Board (MGCB) reported that operators made $29.4 million in revenue during the last 10 days of January.
However, due to welcome promotions offered to customers in the first few months, some operators also recorded losses in their revenue. These providers expect to make up for their losses in the coming months, with various sporting events pending and sign-up numbers soaring. The MGCB have also recently authorized new licenses and will continue expanding in the coming months.
$115.2 Million Handle In Just 10 Days
During the last 10 days of January, a state report shows over $115M was wagered on Michigan online casinos and sportsbooks. The Michigan Gaming Control Board revealed these figures last Wednesday and expect the handle in the following months to continue climbing. This could put the Great Lakes State in the top-five where sportsbook wagering is most popular. Earlier in January, a $35.7 million retail handle was also recorded, putting the month’s total handle at $150.8 million.
January Online Gambling Revenue
Throughout January, the 11 Michigan online gambling operators generated millions in revenue. A total of $42.7 million in online revenue was generated in the first month. Online giants such as FanDuel, DraftKings and Barstool Sportsbook recorded a total of $13.3 million in gross sports betting revenue. The top five sites and their respective revenues over this 10-day-period are:
BetMGM – $11.1 million
DraftKings – $6.9 million
FanDuel – $6.6 million
FoxBet – $2 million
Rush Street Interactive – $1.4 million
The top 3 operators took 96.4% of the overall online sports handle and 93.2% of gross revenue.
New Licenses Issues
Within the first week of operations, 10 online sportsbooks, one online poker room and nine online casinos were launched in the Wolverine State. Following record-breaking figures in its first two months, the Michigan Gaming Control Board has authorized more Michigan online casino operators.
Last Monday, the MGCB authorized its 11th online sportsbook and casino operator, The Pokagon Band of Potawatomi Indians. The operator of the Four Winds brand with platform provider Pala Interactive LLC owns three casinos in New Buffalo, Hartford and Dowagiac.
A 12th operator, Lac Vieux Desert Tribe, has also joined the Michigan mobile gambling clan. Bettors in Michigan can access online betting via its platform provider, PointsBet. The provider can only offer mobile sports betting at this point but expects to add casino games in the near future.
What Happens Next in Online Gambling?
Following its unprecedented success, Michigan is on a path to become a popular and lucrative location for online gambling. Within its first couple of months, the state has seen numbers soar in both gambling revenue and online registrations. Barstool Sportsbook, who raked in a handle of over $25 million in January, had an enormous 48,000 new sign-ups in ten days.
Michigan online sports betting is predicted to surge even more in the coming months. As the number of sign-ups increases and more sports events are approaching, the Great Lakes State is expected to become one of the States’ leading online sportsbook and casino hubs.
January Tax Wasn’t As Big
Last Wednesday, the MGCB reported a total of $4.4 million in taxes for January alone, taken from gross receipts totaling $42.7 million. However, the welcome free bets and promotions offered by Michigan online casino operators meant that taxable winnings weren’t as large as anticipated.
Sports betting is taxed at only 8.4% whilst online casino gaming is taxed at 20-28%. This meant that just over $110,000 in January’s taxes came from online sportsbook wagering. Out of the 11 licensed Michigan casino apps operators, six saw their profits in the red at the end of January.
Their collective adjusted revenue (that allows operators to deduct customer promos) lost a total of $5.2 million. Over the 10 days, operators withdrew $18.5 million in promotions.
However, the remaining $4.3 million in taxes came from wagers from Michigan Casino apps. All nine online operators generated tax revenue in the month of January.
New Licenses Issues for Online Gambling
Within the first week of operations, 10 online sportsbooks, one online poker room, and nine online casinos were launched in the Wolverine State. Following record-breaking figures in its first two months, the Michigan Gaming Control Board has authorized more Michigan online casino operators.
Last Monday, the MGCB authorized its 11th online sportsbook and casino operator, The Pokagon Band of Potawatomi Indians. The operator of the Four Winds brand with platform provider Pala Interactive LLC owns three casinos in New Buffalo, Hartford and Dowagiac.
A 12th operator, Lac Vieux Desert Tribe, has also joined the Michigan mobile gambling clan. Bettors in Michigan can access online betting via its platform provider, PointsBet. The provider can only offer mobile sports betting at this point but expects to add casino games in the near future.
What Happens Next?
Following its unprecedented success, Michigan is on a path to become a popular and lucrative location for online gambling. Within its first couple of months, the state has seen numbers soar in both gambling revenue and online registrations. Barstool Sportsbook, who raked in a handle of over $25 million in January, had an enormous 48,000 new sign-ups in ten days.
Michigan online sports betting is predicted to surge even more in the coming months. As the number of sign-ups increase and more sports events are approaching, the Great Lakes State is expected to become one of the States’ leading online sportsbook and casino hubs.
January Tax Wasn’t As Big
Last Wednesday, the MGCB reported a total of $4.4 million in taxes for January alone, taken from gross receipts totaling $42.7 million. However, the welcome free bets and promotions offered by Michigan online casino operators meant that taxable winnings weren’t as large as anticipated.
Sports betting is taxed at only 8.4% whilst online casino gaming is taxed at 20-28%. This meant that just over $110,000 in January’s taxes came from online sportsbook wagering. Out of the 11 licensed Michigan casino apps operators, six saw their profits in the red at the end of January.
Their collective adjusted revenue (that allows operators to deduct customer promos) lost a total of $5.2 million. Over the 10 days, operators withdrew $18.5 million in promotions.
However, the remaining $4.3 million in taxes came from wagers from Michigan Casino apps. All nine online operators generated tax revenue in the month of January.
Find the Best Michigan Casinos and Play Online
With over 10 operators to choose from, Michigan Casino and sportsbook apps are available across the state. As long as you are 21 and within state limits, you can register and play from home or on the go. All operators have been authorized by the MGCB, ensuring your gaming experience is safe and 100% legal.
