Michigan iGaming Revenue Soars To Record-Setting $278 Million In October

The Michigan Gaming Control Board recaptured the record for a single-state, single-month adjusted revenue total on Tuesday, reporting an all-time monthly high of $278.5 million in gross internet casino revenue for October.

With a record-breaking total of almost $76 million, FanDuel Casino led seven of the state’s fourteen digital platforms in reaching all-time highs. Compared to the previous year, when operatorhttps://theoceansgame.com/photo/trending/massachusetts-treasurer-rejects-calls-to-open-igaming-markets also established a new threshold of $220.7 million, the total statewide amount increased by 26.2%. In August, Michigan reached its previous peak of $263.3 million.

Because the state applied its progressive rates to $261.7 million in adjusted gross income and sent $54.6 million to its coffers, a record gross revenue collection translated into a record total for taxable revenue. Tribal payouts were $6.5 million, and the city of Detroit received over $14 million in separate tax collections, both of which were all-time monthly highs.

After reporting $260.3 million for October on Monday, New Jersey held the AGR record for just twenty-four hours. In March, Pennsylvania’s monthly gross revenue hit a record $291.6 million, while its AGR dropped to $238.2 million due to significant promotional discount allowances for operators.

ALSO READ: A Florida bill that would legalize DFS advances through a subcommittee

A nearly complete run of Motown’s all-time highs

In October, the cumulative gross revenue from Detroit’s three iGaming casino platforms reached a record $154.1 million. FanDuel and Penn National both set all-time records, and it was the first time the total exceeded $150 million. BetMGM’s $68.8 million came $130,803 short of its all-time record set in March, just missing accomplishing the same.

But FanDuel is still running like a well-tuned muscle car from Detroit. It hit the $75 million threshold as year-over-year sales increased by 35.2% after becoming the only platform in Michigan to reach $70 million in August.

Courtesy: https://www.covers.com, https://www.casino.org, https://pechanga.net