Michigan Reports New Online Casino Tax Record In October
- Michigan reports new record for online casino gaming tax
- iGaming generated $20.3 million in gaming taxes during October
- Sports betting tax revenue also helps boost overall taxes in Michigan
The Michigan Gaming Control Board (MGCB) recently released a report which shows that online casino games and sports betting is thriving in the state. The gambling regulator said that online casino and sports betting generated a total of $20.8 million in combined taxes during October.
iGaming Sets Third Consecutive Monthly Record
The MGCB reported that that this was the third consecutive month that tribal and commercial online gaming operators have set a new record for combined online casino gaming revenues. The total iGaming revenue generated in October hit $109.7 million which was a 7.1 percent increase when compared to Sep 2021.
After taking into consideration, casino promotions and free bonus offers, the total online casino revenue generated in October comes up to $98.9 million. Online casino gaming generated a total of $20.3 million in gaming taxes for Michigan, bringing its total contribution in online casino games taxes to $220.8 million in 2021.
Michigan has also benefitted from its sports betting market which continues to do well with every passing month.
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Sports Betting Revenues Continue To Grow
Sports betting went live in Michigan in Jan 2021 and has continued to do well with every passing month. Now that the NBA and NFL season is underway, sports bets continue to come in on a consistent basis which is one of the reasons why the sports betting market is thriving in Michigan.
Michigan sports betting regulations allows sports betting operators to accept bets on both professional and collegiate sports. The previous monthly sports betting record was set in March 2021, when a total of $359.5 million came in. Online sports betting revenues in September smashed this record as a total of $463.3 million in wagers came in, which was an increase of 30.8 percent.
When you take into consideration the additional $34.2 million in bets that came in via retail sportsbooks, the total revenue generated by sports betting came up to $497 million. Online sportsbooks continue to do well as Michigan bettors have shown a preference for online and mobile betting over retail betting.
PlayUSA.com Network analyst Eric Ramsey said that sports betting goes up and down depending on the sports season but online casino has turned out to be rather consistent for Michigan.