Michigan Online Betting and Casino Close to bn in Receipts for 2022

Michigan Online Betting and Casino Close to $2bn in Receipts for 2022

Overall, the gross receipts from commercial and tribal iGaming and internet sports betting operators hit $1.98 billion in 2022. This result marked a strong 41% increase when compared to the $1.4 billion in gross receipts reported a year ago, in 2021.

A breakdown of that total showed that internet sports betting contributed $399.6 million in gross receipts, while internet casino gambling activities generated $1.58 billion in gross receipts for 2022. On the other hand, the total handle for last year hit $4.6 billion. This result marked once again strong growth when compared to the $3.7 billion in total handle reported for 2021.

The MGCB revealed that the combined internet gaming and internet sports betting adjusted gross receipts in 2022 were $1.65 billion. When compared to the $1.1 billion in adjusted gross receipts recorded in 2021, this result soared by 47.8%.

According to a further breakdown provided by the MGCB, the $1.65 billion translates to $219.6 million in adjusted gross sports betting receipts and $1.43 billion in adjusted gross internet gaming receipts. The regulator explained that the adjusted gross receipts “include deductions for the monetary value of free play incentives provided to and waged by bettors.”

Internet Gambling Operators Enjoy Strong Results in December

Besides the results for 2022, the MGCB released data regarding the performance of commercial and tribal internet operators from December as well. Overall, the combined total gross receipts from internet sports betting and internet gaming reported by tribal and commercial operators last month hit $201.6 million. When compared to the result from November which was $186.3 million, last month, an increase of 8.2% was observed.

Focusing on total adjusted gross internet and sports betting receipts, December marked strong growth. Tribal and commercial operators reported adjusted gross receipts of $168.2 million last month, marking a 40% year-over-year increase when compared to the corresponding period in 2021.

While gross receipts increased, the total handle in December dipped slightly. Overall, the handle reported last month was $478.7 million, marking a slight 0.3% decrease when compared to the December 2021 result when the betting handle was $480 million.

When it comes to taxes, in 2022, commercial and tribal operators paid $303 million in taxes and payments to Michigan. This total breaks down to $289.2 million in internet gaming taxes and payments, as well as, $13.7 million in internet sports betting taxes and payments.