The latest monthly revenue report from the Michigan Gaming Control Board (MGCB) has revealed that internet casino gaming and Michigan sports betting operators combined to generate $145.28 million in revenue for the month of February.
The latest figures mark a drop of 6.8% when compared to January’s results. However, internet gaming gross receipts for the month were an all-time record $122.78 million beating the previous record of $121.8 million set in December 2021.
This means that for the first two months of 2022, internet gaming adjusted gross receipts totaled $219.7 million while aggregate internet sports betting adjusted gross sports betting receipts were $15.2 million.
Overall online handle fell by 19.8% month-on-month to $398.4 million.
Gross sports betting receipts totaled $22.5 million for the month resulting in taxes of $360,354 while online casino gaming generated state taxes of $21.6 million. Detroit’s casinos paid $221,194 in sports betting taxes and $6 million in iGaming taxes.
Totals for the month from internet gaming:
- Casino gaming – $27.6 million
- Mobile sports betting – $581,548
During February, 14 operators were authorized to offer one or both forms of online wagering.
Detroit casinos retail revenues
The city’s three licensed casinos reported $94.7 million in monthly aggregate revenue during the month of February. Of this figure, table games and slots generated $95.6 million in revenue while retail sports betting results showed a loss of $872,552.
According to the MGCB report, the retail market shares were as follows:
- MGM – 49%
- MotorCity – 30%
- Greektown – 21%
All three casinos reported a combined 10.6% revenue increase for table games and slots year-on-year. However, monthly revenue fell 3.4% compared with January’s results.
- MGM up 34.4% to $46.3 million
- MotorCity down 7.3% to $28.9 million
- Greektown down 2.1% to $20.4 million
Detroit’s casinos paid a combined $7.7 million in gaming taxes to the State of Michigan during February. All three casinos also reported submitting $11.4 million in wagering taxes to the City of Detroit during February.
All three casinos reported accepting $25.3 million in wagers during the month. Retail sports betting qualified adjusted gross receipts (QAGR) was down $2.8 million compared with January’s results.
February QAGR losses reported by casino each were:
- MGM -$175,082
- MotorCity -$400,347
- Greektown, -$297,123
As a result, total gross receipts reported by the three Detroit casinos were -$869,939.
The negative results yielded the state or city no taxes for this period.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.