The Michigan Gaming Control Board recently revealed figures confirming that Michigan gaming revenue hit $284.3 million in November 2024, setting a new record. Both the iGaming and sports betting sectors of the Michigan market surpassed previous revenue records.
Michigan iGaming operators hit an all-time high of $226.0 million, while the sports betting market raked in $58.3 million. FanDuel and MotorCity Casino led the Michigan online sportsbooks race with MGM leading the land-based casinos. Michigan also received $44.4 million in taxes from mobile operators, while land-based casinos paid over $8.6 million in November 2024.
The Michigan Gaming Control Board(MGCB) reported that internet gaming and sports betting revenue from commercial and tribal operators in Michigan reached $284.3 million in November 2024. The report showed a 35.9% increase in Michigan gaming revenue in November 2023 and a 12.1% bump in revenue in October 2023.
After considering promotional spending, the total market-adjusted gross receipts for November 2024 were $240.4 million, a 51.9% increase in gaming revenue from 2023, and a 15.3% monthly increase.
iGaming operators in Michigan hit an all-time high of $226.0 million in November, surpassing the existing record of $220.7 million set in October 2024 by 2.4%. The adjusted gross receipts from iGaming reached $203.3 million, hitting an increase of 28.8% from 2023 and 2.4% ahead of October 2024.
Two operators, BetMGM and MGM Grand Detroit, led the Michigan iGaming market in November 2024, raising $59.7 million in gross iGaming receipts and $53.7 million in adjusted receipts. Close at their heels were FanDuel and MotorCity Casino who raised $57.0 million in gross receipts and $51.3 million in adjusted receipts. DraftKings and the Bay Mills Indian Community follow with $41.6 million in gross receipts and $37.4 million in adjusted receipts.
The sports betting market also experienced revenue growth, with gross receipts reaching $58.3 million in November 2024. This figure was 72.0% higher than in 2023 and 76.7% higher than in the previous month.
FanDuel and MotorCity Casino lead all Michigan sportsbooks with $22.1 million in gross receipts from $245.6 million in wagers for a 9.0% hold. Close behind are DraftKings and the Bay Mills Indian Community, with $18.4 million from $182.8 million, leaving a 10.07% hold. BetMGM and MGM Grand Detroit are in the joint third position with $9.7 million out of $93.8 million for a 10.34% hold.
Notable mentions include ESPN Bet and Hollywood Greektown Casino, with gross receipts of $2.4 million from a $31.3 handle and a 7.7% hold. Fanatics partnered with the Lac Vieux Desert Band of Lake Superior Chippewa Indians, with gross receipts of $4.1 million from a $36.6 million handle and an 11.20% hold.
In November, operators paid $44.4 million in taxes and payments. This figure comprises $42.5 million in iGaming taxes and $1.9 million from sports betting. Tribal operators paid governing bodies an additional $5.2 million.
Figures released by the MGCB show post-strike improvements in the land-based gaming sector of the Michigan market. The total revenue from slots, table games, and retail sports betting at Detroit’s three commercial casinos hit $108.4 million. This figure shows a 37.0% increase in land-based Michigan gaming revenue from 2023 and a 5.3% bump from October 2024.
Of the $108.4 million raised, table games and slots generated $106.4 million, while retail sports betting generated $1.91 million. MGCB figures also show that players spent $21.0 million betting on sports at the three casinos, with MGM having the largest overall market share(46%), followed by MotorCity(31%) and Hollywood Casino at Greektown(23%).
Michigan received $8.6 million in gaming taxes from these casinos, while Detroit received $13.2 million in wagering taxes and development agreement payments. Michigan also received $72,376 in sports betting-related taxes, and Detroit received $88,460.
Going off the gaming revenue records broken in Michigan during November 2024, it’s safe to say the local iGaming and sports betting industry is thriving. Not only did operators generate more revenue, sports betting handle and tax-related payments also increased.
What’s even more telling is the entry of land-based casinos into retail sports betting. From the look of things, Michigan’s iGaming and sports betting industry will experience more growth moving forward into 2025.
