Michigan Crosses $1billion in Gaming Revenue in April

Michigan Crosses $1billion in Gaming Revenue in April

Michigan had a few physical casinos, but sports betting and online gaming were not allowed.
Only this year, in January 2021, Michigan State has introduced iGaming platforms and sports
betting and the revenue growth has been astonishing.

Within four months of the introduction of iGaming and sports wagering, by April, Michigan
crossed $1 billion in gross gaming revenue. Michigan is now the fastest US State to have
reached this landmark. The March Madness of the sporting season contributed the major chunk
of this revenue. In March, the total handle was $359.5 million. This figure dropped in April, due
to a seasonal lull, but still was an impressive $249.9 million. In April, revenue was lower
compared to the last three months coming in at $ 20.4 million.

In April 2021, Michigan State earned $312,824 in taxes from gaming revenue. But there is still
more scope for the State to increase its income from sports betting and iGaming. The rapid
boom of the sports betting and iGaming markets in Michigan has hugely benefited some
companies. In April, FanDuel had $74.2 million total handle and made $7 million in gross
receipts. It was closely followed by DraftKings which had a handle of $61.5 million. BetMGM
also had a handle of $54.9 million.

Sports betting is at present stealing the limelight in Michigan. But analysts predict that with
proper encouragement, iGaming can also become a successful market in Michigan. In March,
the receipts from iGaming in Michigan were $ 95.1 million. It dropped marginally in April to $
94.85 million.

Online gaming and sports betting are acting as a huge boost to the economy of Michigan State.
Besides taxes, the State is also earning huge amounts of revenue from these sources. In April
2021, Michigan State earned over $ 18 million in revenue from sports wagers and online
gaming. With lucrative figures and a rapidly upward-moving trajectory, the future of sports
betting and online gaming in Michigan seems to be very bright.

Louis Pitts

Louis Pitts recently joined Casinonews.news as a lead editor and managed our curating team. He is covering the latest casino news in his articles. Aside from writing, Louis loves painting and like to go tracking on hill stations.

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