2024 was a record-breaking year for the Michigan online gambling market. Revenues in the state’s online casino and sports betting sectors hit an astonishing $2.9 billion.
This figure indicates a year-on-year increase of 23.8%, cementing Michigan as an online gambling hotspot. Online casino activities led the charge with a revenue total of $2.4 billion. While the online sports betting arm of the market contributed $460.5 million.
Online casino gaming activities in Michigan exploded in 2024, as this side of the MI gambling industry brought a whopping $2.4 billion in revenue for the state. This figure is the highest ever recorded, and represents a 26.3% increase on the total revenue for 2023. Adjusted receipts also reached all-time high thresholds of $2.2 billion, indicating a 27.2% increase.
Michigan’s online gambling industry continues to put the spotlight on certain brands. For context, BetMGM and MGM Grand Detroit came in first, with joint gross receipts valued at $640.1 million. Adjusted receipts for both casinos came in at $576.9 million.
Hot on their heels were FanDuel and MotorCity Casino. Both destinations brought in a gross and adjusted receipt total of $614.6 million and $552.8 million, respectively.
Next on the list were DraftKings and the Bay Mills Indian Community. Collectively, they brought in $454.7 million in gross receipts and $409.6 million in adjusted receipts.
The Michigan online betting market also impressed with $460.5 million in gross sports betting receipts in the 2024 calendar year. This represents a 9.5% increase over the previous year’s figures.
However, adjusted gross receipts took a 13.0% plunge, down to $194.4 million. These contradictory outcomes just goes to show how volatile the Michigan sports betting market is, especially in the face of popular events where outcomes are unpredictable.
Despite adjusted receipts taking a dive, bettors spent a total of $5.3 billion at Michigan online betting sites. This represents a 15.2% percent increase from 2023. The state also witnessed an 8.69% hold in 2024.
Regarding the list of Michigan sportsbooks that made the most in 2024, FanDuel and MotorCity Casino came out on top. These two sportsbooks declared a combined $202.4 million in gross receipts off a $2 billion handle, resulting in a hold of 10.36%.
Coming in close behind were DraftKings and Bay Mills Indian Community, posting gross receipts totaling $125.5 million on a handle valued at $1.5 billion, indicating a hold of 8.33%.
Finishing a close third were BetMGM and MGM Grand Detroit. Both brands recorded a revenue of $65.8 million, with a handle worth $757.0 million, bringing an 8.69% hold. However, this partnership witnessed an adjusted gross receipt dip of $14.3 million year-on-year.
Taxes remain static in the Michigan online gambling market. In 2024, operators paid taxes worth $466.1 million to the state of Michigan. While online casino taxes totaled $451.4 million, those tied to online sports betting brands coughed up $14.7 million.
According to the Michigan Gaming Control Board, 2024 ended on a high, as December gross receipts hit a mind-blowing $264.2 million. This number was 7.1% lower than the figures for November; nonetheless, it represents a year-on-year boost of 9.0%.
Adjusted gross receipts for December came in at $219.9 million. While this represents a 10.8% year-on-year rise, it’s still 8.5% lower than recorded figures for November 2024.
Despite the dip, December showed the dominant nature of the Michigan gambling industry. Casino gross receipts hit the $244 million ceiling. This number broke all pre-existing records in the state.
However, the sports betting sector had gross receipts of $20.2 million. This is a 66.9% year-on-year dip and 65.4% lower than November. These figures point towards a challenging trend in this sector of the MI gambling market.
The Michigan online gambling industry has certainly hit a purple patch, achieving revenue figures of $2.9 billion. However, while casino-related activities hit record highs, the reverse is the case for the online sports betting industry.
This sportsbook sector is clearly hurting, with a year-on-year dip surpassing the 66% mark. Although the casino side of the industry is offsetting the effect felt in the sports betting sector, no one knows how long this trend might last.
