Michigan’s Gambling Business Sees Significant Increase in Income
Michigan’s Gambling Business Sees Significant Increase in Income
Michigan’s gambling business is thriving, with the latest numbers for July 2023 showing excellent year-on-year growth. The state’s gross income reached $176.1 million, representing an 18.8% rise over the previous year’s figures and a 4% monthly growth from the total in June 2023.
Gross income from online casino gambling increased dramatically, contributing significantly to Michigan’s overall favorable result. July’s total revenues from online casino gambling hit $153.6 million, representing a significant 21.3% year-on-year gain and a 1.7% increase over June’s results.
Despite certain challenges, bookies’ gross income also increased significantly. Revenues reached $22.5 million, representing a 4.2% rise over the previous year. June’s figures were again exceeded, with a promising 23.0% growth in sales.
The figures contrast favorably with the 10.8% decline in total wagers from $225 million in July 2022 to $200.8 million in July 2023. Expenditures also fell 11.9% from June 2023 to June 2024.
July 2023 Numbers Show Excellent Year-on-Year Growth
Michigan’s adjusted gross sales, which include promotional spending, increased significantly across several industries. Revenues from combined adjusted gross gaming and sports betting were $154.6 million, representing a stunning 17.8% gain over the previous year and a 5.8% increase over June data.
Operators made significant tax contributions, reflecting the industry’s growth. Total taxes amounted to $29.8 million, with online casino taxes contributing $28.7 million and sports betting taxes accounting for $1.1 million. Detroit’s three commercial casinos also played their part, contributing $7.6 million in taxes to the city.
In parallel, Detroit’s casino scene demonstrated stability, with revenues amounting to $107.2 million in July. This figure closely mirrors the previous year’s statistics and showed a slight increase compared to June 2023. Slot machines and table games contributed about $106.7 million of the total, marking a 0.7% increase year-on-year.
Overall, Michigan’s gambling industry is showing strong growth and resilience despite challenges.
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