In the 2024 calendar year, Michigan saw its online gambling revenue soar to an unprecedented $2.9 billion (£2.4 billion/€2.8 billion), marking a significant milestone as the state announced record numbers in both igaming and sports betting.
Michigan's online gambling scene is set to evolve in 2024.
In 2024, gross receipts from internet gaming and sports betting exceeded the prior record established in 2023 by an impressive 23.8%. This figure surpasses the $1.90 billion recorded during the inaugural year of legal online gambling in Michigan back in 2021, more than doubling that amount.

Revenue after adjustments for promotional expenses reached $2.4 billion, reflecting a year-on-year increase of 22.3%. Data released by the Michigan Gaming Control Board (MGCB) on Tuesday, January 21, includes information regarding both commercial and tribal operators.

Revenue from igaming has surpassed $2.4 billion.
The igaming sector has seen impressive growth, with revenue reaching over $2.4 billion in 2024. This surpasses last year's figures by 26.3%, setting a new benchmark for the state. Adjusted gross receipts for igaming also reached an all-time high of $2.2 billion, an increase of 27.2%.

BetMGM and MGM Grand Detroit have secured the leading position in the market, reporting $640.1 million in gross receipts and $576.9 million in adjusted receipts.

FanDuel and MotorCity Casino closely followed, reporting gross receipts totalling $614.6 million. The collaboration has also announced adjusted receipts totalling $552.8 million. DraftKings, alongside the Bay Mills Indian Community, secured the third position with impressive gross receipts totalling $454.7 million and adjusted receipts amounting to $409.6 million.

Record year for sports betting
Shifting our focus to sports betting, we see that, similar to igaming, revenue has achieved a record high. For the 2024 calendar year, gross receipts from online sports betting topped $460.5 million, a 9.5% rise.

The adjusted gross receipts for this segment experienced a decline of 13.0%, totalling $194.4 million.

In terms of handle, participants wagered $5.3 billion on sports through online platforms, marking a rise of 15.2%. The current hold in Michigan for 2024 is reported at 8.69%, calculated from gross receipts.

In terms of operators, there is seemingly no stopping FanDuel and MotorCity Casino. For the full year, gross receipts topped $202.4 million off a $2.0 billion handle for a 10.36% hold.

DraftKings and the Bay Mills Indian Community emerged as the leading contenders, achieving $125.5 million in gross receipts from a $1.5 billion handle. The outcome led to a yearly retention rate of 8.33%.

BetMGM and MGM Grand Detroit achieved a notable third place, generating $65.8 million in revenue from a substantial $757.0 million handle, resulting in an 8.69% hold. It is important to highlight that this collaboration resulted in an adjusted gross receipts loss amounting to $14.3 million.

Notable contributors also feature ESPN Bet and Hollywood Greektown Casino. Here, gross receipts totalled $20.2 million from $322.4 million in bets, leaving a 6.27% hold. Fanatics, in collaboration with the Lac Vieux Desert Band of Lake Superior Chippewa Indians, generated $19.6 million in revenue from a total handle of $236.1 million, resulting in an 8.30% hold.

Operators contributed a total of $466.1 million in taxes and payments to the state. A total of $451.4 million has been allocated for igaming, alongside $14.7 million designated for sports betting activities. Tribal operators disbursed a total of $55.3 million to governing bodies.

Revenue from Detroit casinos shows a slight increase
In a recent report, it was revealed that Detroit’s three commercial casinos achieved a revenue of $1.29 billion, reflecting a 1.6% increase.

Revenue from slots reached $1.03 billion, reflecting a 4.9% increase, while revenue from table games rose by 5.2% to $251.0 million. The adjusted gross receipts from retail sports betting experienced a significant decline, dropping 30.7% to reach $9.7 million.

MGM topped the charts with a remarkable $603.7 million in total land-based revenue, reflecting a 7.0% increase. MotorCity experienced a revenue increase of 3.3%, reaching $385.9 million, whereas Hollywood Casino at Greektown saw a modest rise of 2.7%, totalling $292.9 million.

The three individuals contributed $103.9 million to the state in wagering tax from slot and table games, along with an additional $372,729 for retail sports betting.

Historic conclusion to 2024
In December, the MGCB unveiled data showcasing unprecedented outcomes. Online gambling revenue for the month reached $264.2 million, reflecting a 9.0% increase compared to the previous year, although it saw a decline of 7.1% from November.

Adjusted gross receipts reached $219.9 million, reflecting a 10.8% increase from 2023, although this figure is 8.5% lower than the total recorded in November.

Despite reaching a record $244.0 million in igaming gross receipts, there were month-on-month declines. Adjusted gross receipts for this segment amounted to $219.6 million.

BetMGM and MGM maintained their position at the forefront of the market, achieving $65.1 million in gross receipts. The partnership has reported its highest monthly total to date.

Gross receipts from sports betting totalled $20.2 million, reflecting a significant decline of 66.9% compared to the previous year and a 65.4% drop from November. This highlights a broader trend within the industry, where favourable sports outcomes for customers have influenced operators throughout the United States.

The segment reported adjusted gross receipts of $267,881, with a handle reaching $597.7 million. A monthly retention, calculated from total earnings, was established at 3.38%.

FanDuel and MotorCity Casino emerged as the top contenders, generating $7.2 million in gross receipts from a substantial $235.5 million handle. The outcome was an 8.58% hold.

In December, the casinos in Detroit reported a revenue exceeding $109.6 million. This represents a shortfall of 5.7% compared to the 2023 bid, while it stands 1.11% above the figures from November.

The revenue from land-based slots reached $109.3 million, while retail sports betting generated a quarterly average gross revenue of $276,509.