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Michigan iGaming and Sports Betting Won Nearly $2B in 2022 – Casino.org
Posted on: January 24, 2023, 10:36h.
Last up to date on: January 24, 2023, 04:27h.
Michigan iGaming and online sports betting continued to develop in 2022. Gross gaming income (GGR) from web gaming and sportsbooks totaled virtually $2 billion.
The Michigan Gaming Control Board (MGCB) studies income from interactive slots, table games, and poker rake totaled $1.58 billion in 2022. That contains iGaming from each business and tribal-operated platforms.
Online sportsbooks generated GGR of $399.58 million. That introduced Michigan’s complete 2022 web gaming haul to roughly $1.98 billion.
Twelve Native American communities in Michigan have Class III gaming compacts with the state that enable them to run online gaming and sports betting platforms. The state moreover permits Detroit’s three business casinos — MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown — to function iGaming and web sportsbooks.
The $1.98 billion in online gaming earnings provides to the $1.28 billion in 2022 brick-and-mortar casino revenue beforehand reported for the Detroit casinos.
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iGaming Continues Growth
Online casino gaming and sports betting went live in Michigan in early 2021. The expanded gaming continued to achieve favor amongst Michigan gamblers final yr, because the 2022 numbers characterize new highs and a 41% yr-over-yr surge.
Revenue from iGaming in 2021 totaled $1.11 billion. Online sportsbooks received $292.17 million for a mixed online win of about $1.4 billion.
BetMGM (MGM Grand Detroit), FanDuel (MotorCity), and Barstool (Hollywood Greektown) are the online gaming and sportsbook platforms for Detroit’s casinos. But the tribes’ iGaming/sportsbook companions are additionally family names, together with DraftKings (Bay Mills Indian Community), BetRivers (Little Traverse Bay Bands of Odawa Indians), Golden Nugget (Keweenaw Bay Indian Community), and WynnBet (Sault Ste. Marie Tribe of Chippewa Indians).
But it was BetMGM that dominated Michigan’s iGaming market in 2022.
BetMGM reported GGR of $589 million from its online gaming platform final yr. After deducting promotional credit, as permitted in Michigan, the web casino reported adjusted gross income of $533.2 million. That represents a couple of 37% market share.
MotorCity’s FanDuel topped the sports betting vertical. FanDuel stated it accepted more than $1.37 billion in bets and saved about $163.5 million of the wagers. Much of the gross win got here from free play — promotional money the online sportsbook supplied to new prospects and via retention incentives. FanDuel’s adjusted sportsbook income was $112 million, or a couple of 51% market share.
Tax Benefit Increases
iGaming and online sports betting might be cutting into brick-and-mortar gaming. Detroit land-based mostly GGR dipped 1.4% final yr.
Online gaming and sports betting simply offset Detroit’s brick-and-mortar losses. The metropolis and state are additionally faring higher in gaming taxes in contrast with the time earlier than iGaming and online sportsbooks have been permitted.
Michigan acquired more than $289.2 million in iGaming taxes final yr. Detroit, which receives a share of the iGaming carried out by the town’s online companions, reaped roughly $77.8 million. Those numbers for 2021 have been $201.6 million and $55.3 million.
As for sports betting, the state gained about $13.7 million in sportsbook taxes. Detroit collected $6.7 million. In 2021, these figures have been $7.3 million and $4 million.
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UbetMobile.com Article Base: Michigan iGaming and Sports Betting Won Nearly $2B in 2022 uBetMobile – 2023
yr-over-yr surge in Michigan’s online gaming and sports betting income in 2022, with a complete earnings of $1.98 billion. Native American communities and Detroit’s business casinos are allowed to function online gaming and sportsbooks, and the industry is thriving. BetMGM and FanDuel have been the largest earners in the iGaming and sportsbook markets respectively, and the state and Detroit collected over $300 million in taxes from the industry. This is a big enhance from the 2021 figures, displaying the continued progress of online gaming in Michigan.
