The Michigan Gaming Control Board (MGCB) has reported the results for the first ten days of operation of the state’s gambling industry, noting strong interest.
Gambling Numbers in Michigan Shape State as Major Player
Michigan’s gaming industry is in a good spot. In the 10 days gambling has been legal in the Great Lakes State, covering the period from January 22 through January 31, the Michigan Gaming Control Board (MGCB) has reported $42.7 million in gross receipts.
Online gaming generated some $29.4 million and another $13.3 million came in total gross sports betting receipts. The total sports handle during the period amounted to the far more impressive $115.2 million, though, giving Michigan a fantastic start to the year and its regulated iGaming and interactive betting industries.
Commenting on these results, MGCB executive Richard S. Kalm remarked that the state was off to a great start so far as online gambling was concerned. He was happy with the generated revenue, noting that it would help bolster funding for K-12 students, as well as tribal communities and the city of Detroit.
A total of $4.4 million was delivered in taxes to the state coffers, with $4.3 million from iGaming and another $111,696 from sports betting. The state is taxing casino gaming at a range of 20% to 28% on adjusted gross receipts.
Internet sports betting pays tax at 8.4% rate with 70% of the amount going to the state and another 30% to Detroit. Combined, the three casinos in Detroit have paid city wagering taxes and municipal services to the tune of $1.38 million in January alone.
Appetite for the State Unquenched
The majority came from internet gaming at $1.31 million with another $64,024 from sports betting. The state has attracted steadfast interest from numerous entities. Having both online gambling and sports betting legalized, allowed many third-party companies to make a claim for market share.
NetEnt, an international provider and developer of slot games, was among the first providers to seek way in. BetMGM reached out to NFL Hall of Famer Barry Sanders to bolster the company’s marketing efforts in the Great Lakes State.
Not least, both PokerStars and BetMGM announced plans to join the Michigan poker market, seeing it as one of the most lucrative opportunities for the vertical in the country.