Michigan sees February online gambling revenue up Y-o-Y to $170.8M, but slips on monthly basis

Michigan commercial and tribal operators reported combined iGaming and online sports betting gross revenue of $170.8 million during February. While receipts were up 17.6% on a yearly basis, they fell 8.8% compared with January's results of $187.3 million. 

Internet gaming gross revenue for February was $148.2 million, down 3.6% compared with the Michigan record gross receipts of $153.69 million reported in January. Meanwhile, gross sports betting receipts were $22.66 million compared with $33.64 million reported in January for a 32.6% decrease.

Combined total adjusted gross revenue for iGaming and online sports betting was $141.73 million, falling 9.2% from January receipts of $156.17 million. Online gaming adjusted gross receipts were $133.28 million, falling 3.7% from January’s $138.32 million in receipts. However, they were 20.6% higher than February 2022’s adjusted gross receipts of $110.56 million. 

Commercial and tribal operators reported a combined total of $8.45 million in internet sports betting adjusted gross receipts. This was a 52.6% decline from January’s total of $17.85 million, but marked an increase of $12.4 million compared with the $3.95 million loss recorded in February 2022.

For the first two months of 2023, iGaming adjusted gross receipts totaled $271.6 million, and online sports betting adjusted gross receipts were $26.3 million, up on a yearly basis. Michigan operators reported $219.7 million in online gaming adjusted revenue and $15.2 million in online sports betting adjusted gross receipts in the first two months of 2022. 

The total online handle of $344.9 million was down on a monthly basis and declined 27.5% from January 2023’s total handle of $475.6 million. It was also down 13.4% from the $398.4 million handle reported in February 2022. The post-football hangover for legal sports betting seems to have settled in Michigan, with a significant contraction for the state’s market.

On top of sportsbooks seeing less action, Michigan bettors improved their luck last month. Operators kept just 6.4% of the wagers made in February, a slight decline from the 6.8% in January. Hold percentage is now down two months in a row after December’s 10.2%.