Michigan Online Casinos Set February Revenue Record
The Michigan Gaming Control Board has published a report on the activities of casino and sports betting operators. In February, their revenue amounted to $145.28 million, which is 6.8% less than in January.
However, when comparing the results of work of online casinos over the past two months, a steady increase was revealed. Gambling sites earned a record $122.78 million in February. Including revenues in January, their total gross revenue was $219.7 million.
Despite the impressive performance of online casinos, online sports betting did not bring such significant revenue — $15.2 million, which is 19.8% less than in January.
Michigan’s three largest land-based casinos generated $94.7 million in revenue last month, with more than half of that coming from slot machines. Different types of table games are still not so popular among visitors of offline institutions.
According to the MGCB report, the shares of the gambling market among land-based casinos were as follows:
- MGM — 49%.
- MotorCity — 30%.
- Greektown — 21%.
All three casinos reported a cumulative 10.6% year-on-year increase in revenue. However, the monthly financial figure fell by 3.4% compared with the results of January.
Separately, the owners of land-based casinos presented a report on income from accepting sports bets. The number of proceeds from them exceeded $25.3 million, which is 5% less than in January.
The final losses of the casino in the field of betting in February were:
- MGM — $175,082.
- MotorCity — $400,347.
- Greektown — $297,123.
Despite some negative performance, the Michigan Gaming Control Board is satisfied with the results of offline and online operators. Their work brings huge tax revenues to the state treasury, which helps to actively develop the state’s infrastructure and sponsor social projects.
As a reminder, Flutter Entertainment’s revenue grew by 37% in 2021.