It’s definitely revenue record season for the online gambling industry in the United States. Michigan’s online gambling licensees are the latest to unwrap some unprecedented dollar totals to commemorate the season.
Online casinos in Michigan set a new single-month record for revenue in November. Meanwhile, online sportsbooks also saw a new high in terms of the dollars wagered on their apps during the same month.
Michigan online casinos have happiest of holidays
According to a news release from the Michigan Gaming Control Board, online casinos in Michigan have never had a better month than they did in November. The revenue total from the month surpassed the previous record of $171.8 million from March 2023.
Most interestingly, this is the second consecutive November in which Michigan online casinos have established a new gross revenue record. However, November 2023’s total is 17.1% higher than November 2022’s $145.4 million.
The total gross revenue from Michigan online casinos wasn’t the only remarkable feat during November. Online sportsbooks also had a month to remember in one way.
Online sportsbooks take record bets in November
November was also unprecedented for Michigan’s legal online sportsbooks but not in the way that actually matters for them. For bettors using those apps, though, it was the busiest single month in Michigan ever.
Michiganders’ total dollars wagered during November was the highest such amount for a single month in Michigan history. It didn’t lead to a historic amount of actual revenue for the sportsbooks, though.
Sportsbooks kept about 6% of that money, far from a similarly amazing performance. To put that total in context, Michigan’s online sportsbooks won about 8.5% of the money bet ($40.8 million of $480 million) in November 2022.
Despite the fact that sports bettors fared better in November 2023, the state’s coffers did as well. Taxes for Michigan from online gambling revenue during November 2023 represented a 14.6% increase from the same in November 2022. Again, though, that’s no record. A bigger record may be in sight for Michigan online casinos, though.
Record fiscal year in progress
Michigan’s online casinos are firmly on pace to set a new record for gross revenue over the period of an entire fiscal year. The running total of $807.8 million is up 16.7% from the first five months of FY2022-23.
During that period, November’s gross revenue total was quickly eclipsed in December and then again in March. Should the same thing happen during this year, Michigan could see its first $180 million online casino win month.
For the moment, however, November stands alone and continues the narrative that fall and winter months are money season for online gambling in the US.