Michigan’s online casino and sports betting market reached new heights in October 2024, setting a record with $220.7 million in gross receipts. This marks the state’s highest-ever monthly total for iGaming, surpassing the previous record of $215.2 million set in March. However, sports betting revenue dropped significantly during the same period, reflecting contrasting trends within the state’s gaming landscape.
The Michigan Gaming Control Board reported that iGaming adjusted gross receipts (AGR), which account for promotional deductions, also hit a record $198.6 million in October. This represents an 8.9% increase from September and a 37.7% year-over-year growth compared to October 2023.
Online gaming continues to dominate Michigan’s regulated market, with 15 operators authorized to offer iGaming services. With two months remaining in 2024, Michigan’s online casino operators have already secured their most successful year to date. The record-breaking October performance underscores the growing demand for iGaming in the state.
Fierce Competition Among Operators
The race for market leadership between FanDuel Casino and BetMGM Casino remained close. In October, FanDuel edged out BetMGM by a slim margin, recording $56.17 million in gross receipts compared to BetMGM’s $56.16 million. However, BetMGM still maintains its year-to-date lead, generating $515.3 million versus FanDuel’s $496.8 million.
Other notable performers included:
DraftKings Casino: $40 million
Caesars Casino: $14.3 million
BetRivers Casino: $14.2 million
Golden Nugget: $9.1 million
Collectively, Michigan’s online casino operators have amassed $1.97 billion in gross receipts for 2024, already surpassing the full-year total for 2023 and securing a record-breaking year.
Sports Betting Slows Despite Increased Handle
While iGaming flourished, Michigan’s sports betting market experienced a downturn. Despite an 11.7% increase in betting handle from September, reaching $560.4 million, gross sports betting receipts plummeted from $58.4 million in September to $33 million in October. This represents a 64.3% monthly decline and a 58% year-over-year drop in adjusted gross receipts.
The lower earnings were attributed to sportsbooks holding just 5.8% of the handle in October, down from 11.6% in September. This dip was largely due to fewer upsets during the month, which minimized operator gains from popular public bets.
Among sports betting platforms, FanDuel Sportsbook led the market with a handle of $211.3 million, followed by DraftKings Sportsbook at $159.9 million. However, DraftKings ended October in the red after accounting for promotional expenses, joining three other operators that posted losses.
Michigan’s gaming industry remains a vital contributor to state and local coffers. In October alone, total gaming taxes and payments reached $42.1 million, with internet sports betting accounting for $569,374. Detroit’s three casinos contributed an additional $10.5 million in wagering taxes and municipal service fees, bolstering local economic support.
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