Michigan Revenue Falls In April After March Madness Boom
Michigan online betting and gaming operators brought in $115.2m in April, a drop of 9.5% after March Madness helped to bring March’s revenue to $127.4m.
Online casino gaming generated the majority of revenue at $94.9m, a slight decrease of 0.26% month-on-month, while online sports betting brought in an additional $20.4m, another decrease of 36.9%. Online sports betting operators reported a handle of $249.9m in April, a drop of 30.4% compared to March.
Richard S. Kalm, executive director of Michigan Gaming Control Board (MGCB), contributed the comparative dip to the high revenue brought in by March Madness.
“While the sports betting handle dropped 30-plus percent, which we expected the month after March Madness, internet casino gaming adjusted gross receipts held steady with a slight two-tenths of a percent increase in April” said Kalm.
Kalm is set to be replaced by Henry Williams as executive director. Williams will serve a six-year term in the role.
After bonuses, online casino revenue came to $88.8m while online sports betting totaled at $10.8m, a 0.11% and 43.1% decrease month-on-month respectively.
Operators paid $18.1m in taxes to the state of Michigan, with $17.8m of the total coming from online casinos and the remaining $312,824 from internet sports betting. The three Detroit casinos paid an additional $5.4m in taxes to Detroit. Online casino taxes made up $5.2m of this amount, while online sports betting taxes came to $186,939.
(Photo : asgam)
Published at Mon, 17 May 2021 13:04:31 +0000