The Great Lakes state interest in the world of online gambling and best Michigan casinos continues to gain momentum. Interestingly, MI online gambling changes exceed what people expected with the launch of Michigan casinos and online sports betting in the state.
Michigan Gambling March Receipts
Michigan online gambling operators grossed $95.1 million in receipts as of March, and this marked the second month in full operation of online sports betting and Michigan casinos.
MichiganSharp analyst Geoff Fisk, mentioned that internet casinos are on the verge of bringing in revenue amounting to $760 million this year. He added that the figures are astounding, and it surpasses what people initially expected.
Michigan Online Gambling Stands in Third Place
PlayMichigan indicated that Michigan stands as the third state to bring in over $90 million in Michigan online casino and poker revenue in just a month. Following the increasing revenue collections in Michigan, the state is considered the third-largest in March. New Jersey and
Pennsylvania came in first and second, respectively.
Meanwhile, the amount of money wagered (handle) that operators collected was reported to be approximately $359.5 million. The gross betting receipts in March were $32.3 million. These numbers are based on the Michigan Gaming Control Board (MGCB) data.
Michigan Gaming Control Board Views
According to the MGCB director, Richard Kalm, March Madness might have contributed to the sharp increase of 19.1% in online betting handle between February and March of proceeds from Michigan online gambling. He also mentioned that monthly adjusted gross receipts linked to Michigan online gambling increased by 18% from February.
Kalm asserted that the positive changes in Michigan online gambling led to an increase in payments and taxes. It means that more funding is available to Detroit’s city, economic development, K-12 education, and tribal communities.
What Analysts Say About Michigan Online Gambling Results
PlayMichigan noted that already the state is about to hit the $1 billion mark in lifetime handle from internet and retail sports betting.
Dustin Gouker, a senior analyst for PlayMichigan that covers MI online casinos and sports betting, noted that since the state is approaching the $1 billion mark in lifetime bets, it’s daunting to overstate how unpredictable Michigan’s gaming expansion has taken shape so far. He continued to add that the market’s growth has been off-the-chars and that no other state enjoyed the launch of online sports betting compared to Michigan.
In March alone, Michigan Sportsbooks collected about $384 million from retail and online sports betting. It equates to an increase of 17.8% from February. There are only a handful of states that that collected more. These include Nevada, New Jersey, Illinois, and Pennsylvania.
Michigan Online Gambling Tax Revenues
Taxes based on Michigan online casino and sports gambling are calculated based on adjusted gross receipts. In March, Michigan internet gaming receipts collected amounted to $88.7 million, and for online sports betting, the amount collected was $19 million, according to MGCB.
Operators incurred approximately $17.8 million in payments and taxes to the state last month. A large part of this was from internet gaming revenue.
Meanwhile, the amount collected in gambling taxes and municipal services in Detroit was $5.2 million. MI internet gaming fees and taxes comprised $4.9 million of the total.
According to the state, Michigan’s tribal casinos offering MI online gambling reported $1.8 million in betting payments to the tribe’s regulatory bodies.
PlayMichigan, however, asserted that promotional credits continue to diminish the state’s take. It is because free play Michigan bonuses that operators offer to gamblers are deducted from the receipts used to calculate taxes.
Expectations for Summer MI Online Gambling
Matt Schoch, a PlayMichigan analyst, mentioned that the summer period would likely become more fruitful for the state, even as the sports calendar winds up. If the tax revenue collected drags, this could become a significant issue that needs to be looked into, he added.
Michigan online gambling took off in Michigan in mid-January. By March, 12 operators of some of Michigan’s best casinos had been given the authority to offer one or both types of online gambling.
Michigan Online Casino and Sports Betting Leaders
BetMGM led the rest with approximately $30.8 million in gross receipts as of March when it comes to internet gaming and only play at the best Michigan casino and poker sites.
As for Michigan online sports betting, MotorCity Casino and FanDuel led in March with total handle of approximately $107.2 million. BetMGM led in terms of the gross receipts collected of over $8.7 million.
According to MGCB, the three casinos in Detroit generated approximately $114 million from on-site betting options during the busy month.
Michigan casinos were allowed to reopen late last year after a temporary shutdown period. However, they have been operating under tight pandemic-related restrictions.
