Sports betting and online casino operators across Michigan have reported a month-on-month revenue decline for February, after the latter of the segments kick-started the year with a record performance.
Commercial and tribal operators reported that igaming and internet sports betting revenue through the 28 day period came in at $170.83m, which represents an 8.8 per cent decline from the $187.33m recorded one month earlier.
Breaking this down, internet gaming saw revenue close February at $148.17m, a figure that is down 3.6 per cent when contrasted to the $153.7m, a high for the state, from January.
Sports betting subsequently followed suit, with the segment tracking a 32.6 per cent downfall from $33.64m one month earlier to $22.66m.
Combined adjusted receipts fell 9.2 per cent MoM to $141.73m, down 9.2 per cent from $156.17m, with igaming decreasing 3.7 per cent to $133.28m (January: $138.32m). However, this aforementioned figure is up 20.6 per cent from $110.56m year-on-year.
Commercial and tribal operators also reported a combined total $8.45m in internet sports betting adjusted gross receipts, which is a drop of 52.6 per cent from January’s $17.85m but represents a significant swing from the loss of $3.95m tracked one year earlier.
Total handle of $344.9m declined 27.5 per cent from January figure of $475.6m, and also dropped 13.4 per cent from the $398.4m reported in February 2022.
For the first two months of 2023, igaming adjusted gross receipts totaled $271.6m (2022: $219.7m), while sports betting came in at $26.3m (2021: $15.2m).
The month also saw operators deliver $26.9m in taxes to the state, with online casinos contributing $26.3m and online sports wagering occupying the remaining $583,263.
Furthermore, the three Detroit casinos reported wagering taxes and municipal services fee payments of $7.3m to the city. Igaming and sports betting supplied $7m and $337,534, respectively. Tribal operators reported paying $3m to governing bodies in January.