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Betting.net / Michigan Online Gambling Hits $170 Million in February 2023

Michigan Online Gambling Hits $170 Million in February 2023

Publish Date: March 30, 2023
Fact checked by: Alyx Tzamantanis

The Michigan Gaming Control Board has released its report for February which shows that online gambling revenues grow across the state by 17.6% compared to the same time last year. While this is a positive trend, the overall revenues were actually down a fraction compared to January.

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The revenues from commercial and tribal operators in Michigan came to a total of $170.8 million from online sports betting and casino gaming. This was up from the $145.3 million that was recorded in February 2022, but down 8.8% from the $187.3 million that was recorded in Michigan in January 2023.

Breaking down the figures for Michigan gambling in February 2023

Michigan’s online casinos enjoyed the greatest amount of growth in February. The state’s iGaming platforms brought in over $148 million in revenues which was up 2.3% compared to the previous year, although it was a fall of 3.6% compared to last month.

Sports betting across the state remained relatively flat with revenues accounting for $22.6 million which is just a fraction about the $22.5 million that was taken across the same period last year.

What is concerning was the fact that the revenues for sports betting in February was down 32.4% compared to the $33.6 million earned last month. This marks the third lowest total for sports betting revenues since the activity was legalized in Michigan in 2020.

Michigan’s 15 licensed operators submitted $26.9 million in taxes and payments to the state coffers during the month of February. These included $26.3 million from iGaming and $583,263 in sports betting fees and taxes.

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High hopes for the remainder of 2023

Michigan’s online gambling industry can look forward to maintaining an upward trajectory through the remainder of the year. The year has already got off to a fairly bright start, and there remains hope that Michigan State’s exploits in the NCAA Championship will bring in extra revenues. The college basketball team has reached the Sweet Sixteen phase of March Madness, although they face a tough challenge in the third-seeded Kansas State.

The Michigan gambling regulators are also in talks with the WWE to be one of the first states to allow wagering on scripted wrestling match results. Such an inclusion would be ground-breaking and would help Michigan remain at the forefront of online sports betting innovation.

While the sports betting revenue for Michigan took a hit, there remain hopes that this could change once the NFL season kicks off again. With the Detroit Lions starting to get back to their best, it’s hoped that the state’s sports fans might have a few more reasons to bet on the team.

Above all, online gambling in Michigan is more popular than ever before, and with combined  revenues for all forms of casino gaming and sports betting growing over 17% compared to the same time last year, it’s looking like another big year for Michigan’s online gambling scene.

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