Michigan online gaming, sports betting revenue down almost 10% in April

Michigan online casinos and sports betting operators reported a combined $195.7 million in revenue in April, according to the latest data from the Michigan Gaming Control Board. The figure is down 9.6% from the revenue delivered in March.

For the month, iGaming accounted for $159.4 million of total revenue while sports betting brought in $36.3 million. Internet gaming revenue was down from the record-setting $171.8 million posted in March, while sports betting also dropped from the $44.6 million delivered that month.

Combined total iGaming and internet sports betting adjusted gross receipts were $167.9 million, including $143.4 million from online gaming and $24.5 million from sports wagering. The figures imply 7.3% and 22% decreases compared to March, respectively, but are 20.2% and 46.8% increases compared to April last year.

Online sports betting handle was also down on a monthly basis, at $322.8 million, down by 20.8% from the $407.7 million handle recorded in March. As for taxes, Michigan operators reported submitting $31 million in taxes and payments to the state during April, $29.4 million corresponding to online gaming and the remaining $1.6 million to sports wagering.

During April, a total of 15 operators offered internet gaming and internet sports betting. While the revenue they posted was down from March, the results still reflected another “massive” month for online casinos, Paul Costanzo, an analyst for industry analysis site PlayMichigan.com, said in a statement.

“As expected, Michigan online casinos had another massive month, even if the total was just shy of March’s record revenue haul,” Costanzo said. “The $159 million of April revenue is among the top five months ever nationally. It’s also a 20% increase over April 2022, which was the state record at the time. There remains growth potential here.”

As for sports betting, April is typically a transition month from basketball’s March Madness into the slow summer months. The NCAA men’s and women’s Final Fours, the NFL Draft and the start of the NBA and NHL playoffs brought in plenty of action, but the 14.6% drop from 2022 continues to show “a market that is on the other side of its peak,” the analyst added.