The Michigan Gaming Control Board (MGCB) has released its latest financial report, revealing a 10.9% month-on-month decline in total online gross betting and gaming revenue for January.
The state’s operators generated a combined $356.3 million, a drop from the record-breaking figures seen at the close of 2023.
Breaking Down the January Performance
The total revenue split remained heavily skewed toward igaming, which contributed $298.3 million to the total gross, while mobile sports betting accounted for the remaining $58 million. After accounting for promotional deductions and state-mandated adjustments, the total adjusted gross revenue (AGR) stood at $323.3 million.
- iGaming AGR: Reached $286.3 million, marking a 3.5% decrease compared to December.
- Sports Betting AGR: Fell sharply by 39.5% month-on-month to $37 million.
- Betting Handle: Total wagers in the Great Lakes State dropped 4.2% from December, totaling $491.3 million for the month.
Year-on-Year Resilience
Despite the monthly cooling, the long-term outlook for Michigan’s digital sector remains strong. When compared to January of the previous year, igaming AGR surged by 22.8%. Conversely, sports betting AGR saw a year-on-year decline of 32.5%, reflecting a shift in market dynamics and the impact of lower sports betting hold percentages during the start of the year.
The MGCB financial report’s figures underscore a stabilization period for Michigan’s online market after several months of aggressive growth. While sports betting volume remained relatively steady, the volatility of sports results heavily influenced the final revenue numbers for the state’s 15 licensed operators.
