September 21, 2022 Casino, Finance, Results

Online gaming operators in Michigan generate $154.9m in August

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The financial results were up 4.5% from last month.

The Michigan Gaming Control Board revealed the financial numbers for online gaming operators in the Great Lake State for August. The operators brought in $154.9m through the month, a 4.5% increase over July. 

Gross receipts that were tied to internet gaming totaled $130.9m, up 3.4% from last month, while gross receipts from internet sports betting totaled $24m, an 11% increase from July.

Adjusted gross receipts rose 34.2% year-over-year for internet gaming and 113% for online sports betting. The total sports handle for online sports betting came in at $218.8m.

The operators, fifteen of which are authorized for both these forms of online wagering, submitted $25.3m in taxes and payments to the state in August. 

The three casinos in Detroit paid the city $6.7m in wagering taxes and municipal services fees tied to online gambling. Tribal operators reported making $2.9m in payments to governing bodies for the month. 

Industry analyst Paul Costanzo commented: "August should be the final month of modest numbers for Michigan sportsbooks, as football season will start to take them back near the $400m mark in September."

At the beginning of September, TwinSpires Sportsbook and Casino announced it would be closing its online casino and sportsbook on September 6. 

TwinSpires fell to thirteenth in revenue among Michigan online casinos at $15.3m during this time. The location spent the last six months among the bottom two operators, bringing in under 400k in July. 

Deposits were disabled on August 30 and customers have until October 6 to withdraw money from their accounts.

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