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Michigan is one of the jurisdictions in the United States regulating online casinos. This month has been the best-performing so far.
According to data released by the Michigan Gaming Control Board (MGCB), the published Gross Gaming Revenue (GGR) reached a new high of $175.3 million, the highest level since January 2021. The current statistics do not yet include the $37 million revenue generated through online sports betting. This surpasses the record set in March 2023 when online casino GGR reached $171.8 million. These figures come amid strong growth in sports betting and the launch of ESPN wagers.
The revenue outlook is highly promising, potentially creating new tax revenue records. Noteworthy instances from 2005 include the MGM Grand Hotel, becoming the state's first operator to generate $46.7 million in revenue within a month from this sector. Online casinos have continually improved since last year, with GGR from online casinos growing by 20.5% compared to the period from November 2022 to the previous month.
Online gaming has been a major driver of tax revenue, and Detroit expects unexpectedly increased tax revenue to exceed $81 million this year due to the vertical industry's development. MGCB also provides detailed breakdowns of individual performance metrics.
iGaming operators in the Motor City successfully raised an additional $43.9 million, and DraftKings online casino operator contributed an additional $34.7 million.
Part of the boost in online casino momentum is closely related to a strike that recently ended in Detroit. The strike elevated the position of online platforms, providing players with more opportunities to explore the vertical market. Although this phenomenon appeared in the short term and lacked alternative options, it is undeniable.
Protests had a negative impact on land-based results due to a surge in online activity. However, casinos collaborating with digital skins faced some challenges. Motor City, Greektown, and MGM Grand Hotel garnered only $76 million in revenue from their land-based operations, a 24% decrease from the results announced in November 2022. Revenue declined by over $23.9 million, and MGM Grand reported a $30.6 million drop, a 34% decrease.
Motor City's handle decreased by 24.7%, still an 18% drop compared to last year. More importantly, Greektown's revenue declined by 11%, totaling only $20.7 million. Encouragingly, the union has reached an agreement, allowing workers to return to work at physical casinos. Meanwhile, union leaders urge players to avoid online gambling and await the resumption of land-based casino operations. However, most people have ignored these calls. |
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Post time 3-1-2024 12:28:23