2022 Michigan Online Gambling and Casino Revenues Nearly Reach $2 Billion Mark
Hey there! Let's take a look at the jaw-dropping revenue numbers from the world of online gambling in 2022. The total haul from commercial and tribal iGaming and internet sports betting operators clocked in at a whopping $1.98 billion! That's a stunning 41% hike compared to the $1.4 billion they raked in the previous year.
Now, let's break this down. Internet sports betting claimed a decent chunk of that total with $399.6 million in gross receipts, while internet casino gambling activities pumped a massive $1.58 billion into the pot. The grand total handle for the year hit an impressive $4.6 billion, marking another year of steady growth from the $3.7 billion handle reported in 2021.
Interestingly, the Michigan Gaming Control Board (MGCB) revealed that the combined internet gaming and sports betting adjusted gross receipts for 2022 soared to a whopping $1.65 billion. This figure represents a staggering 47.8% increase over the $1.1 billion in adjusted gross receipts recorded the year before.
The MGCB also provided a breakdown of these figures, explaining that the $1.65 billion translates to a hefty $219.6 million in adjusted gross sports betting receipts and $1.43 billion in adjusted gross internet gaming receipts. Just remember, these adjusted gross receipts include deductions for the monetary value of free play incentives provided to and wagered by bettors.
December was another strong month for these operators, with tribal and commercial internet operators reporting combined total gross receipts of $201.6 million from sports betting and internet gaming. This figure marks an 8.2% increase compared to November, and a 40% year-over-year increase compared to December 2021.
Taxes collected from these operations in 2022 totaled an impressive $303 million, which was distributed between internet gaming taxes ($289.2 million) and internet sports betting taxes ($13.7 million). Now that's some serious cash!
So, what's driving this growth in the online gambling market? Several factors are at play, including expanded legal sports betting and iGaming in more states, increased user engagement, technological advancements, marketing efforts, and regulatory changes. It's a wild ride, isn't it? Stay tuned for more updates!
- In 2022, internet sports betting generated $399.6 million in gross receipts, a significant component of the total online gambling revenue.
- The Michigan Gaming Control Board (MGCB) reported that growth in online gambling continued in 2022, with adjusted gross receipts for internet gaming and sports betting reaching $1.65 billion.
- The MGCB's breakdown showed that $219.6 million in adjusted gross sports betting receipts and $1.43 billion in adjusted gross internet gaming receipts were included in the 2022 total.
- The online gambling market experienced a remarkable growth in 2022, driven by factors such as expanded legal sports betting and iGaming, increased user engagement, technological advancements, marketing efforts, and regulatory changes.
