Michigan igaming revenue reaches new record level in January 2024

Michigan igaming revenue hit a record high last month, reaching $181.9m and eclipsing December 2023’s previous record of $181.4m by $500,000.

This figure was offset however, by a decline in sports betting revenue, which totaled $47.7m, a 22% decrease on the $61.1m figure reported in December. 

Online sports betting handle landed at $577.4m, down slightly from December’s handle of $583m. 

Combined total igaming and online sports betting revenue for the state was down just over 5%, from $242.5m in December to $229.6m in January, while adjusted gross revenue (AGR) for the first month of the year amounted to $183m, with igaming accounting for the lion’s share at $164.2m AGR. 

There was a massive month-on-month decline in AGR for sports betting, coming in at $18.8m, a 46.5% decrease from December’s figure. 

However, both AGR amounts were an increase on January 2023’s totals as igaming AGR rose by 18.7% and sports betting by 5.4%. 

FanDuel continued to lead the way as the highest performing operator in the Wolverine State, accounting for $213.97m of the total handle and $13.7m in AGR

DraftKings was second with $166.8m of handle and $2.9m of the overall online sports betting AGR.

Operators in Michigan submitted $31.3m in taxes and payments to the state in January, with $30m coming from igaming taxes and fees. Michigan’s tribal operators made $3.6m in payments to governing bodies in the opening month of the year

Elsewhere, the American Gaming Association revealed that total annual revenue for 2023 reached $66.5bn, a 10% increase on 2022’s $60.5bn.