March Madness is living up to its name and bettors in Michigan have plenty to cheer about. Michigan State was eliminated, but the Wolverines are still alive in both the men’s and women’s tournaments. The luck does not end there, either. Recent figures from the Michigan Gaming Control Board (MGCB) show that February was a record-breaking month for the state.
The success of in-state gaming operators also translated into good news for Michigan. Casinos in the state paid over $20 million in state tax. They also paid north of $8 million in local taxes. All things considered, the Michigan gaming industry is leaps and bounds ahead of where it was a year ago.
February Revenues Break Michigan State Records
Michigan legalized online casinos at the end of 2019. Since then, the online gaming industry has taken off. Last December, online casinos set a record for monthly revenue at $121.8 million. That record would not stand for long, as it was broken last month.
Leading the way in online casino revenue were BetMGM, DraftKings, and FanDuel. BetMGM once again earned the most of any online casino in the state. In total, it earned $46.9 million last month. DraftKings was a distant second at $20.1 million and FanDuel pulled in $19.5 million.
Michigan’s Sportsbooks also Performed Well
The online betting boom also extended to Michigan’s sportsbooks. Last month, sportsbooks in Michigan generated a total sports betting handle of $423.8 million. Of the total handle, $398.3 million came from online sports betting operations. The remained amount was generated by retail sportsbooks in Detroit.
Sportsbooks across the US benefitted from an uptick in betting to start 2022. The NFL Playoffs are also a major source of betting revenue. The Super Bowl in February generated one of the largest betting handles in history. Michigan sportsbooks were able to cash in. They generated $21.6 million in revenue last month.
Online Betting Generates Millions in Tax Revenue
The success of Michigan’s online gaming operators was good news for the state’s coffers as well. Online casinos have to pay both state and local taxes. In February, online casinos paid a total of $21.6 million in state taxes. They also paid over $8.3 million in local taxes.
Michigan’s online sportsbooks also generated plenty of taxable income last month. Only sports betting operators paid over $360 thousand in state taxes last month. They also paid more than $220 thousand in local taxes as well.
Michigan’s online gaming industry is off to a good start so far in 2022. The MGCB reported that many state records were broken last month. Online casinos set new marks for the highest monthly revenue and highest daily average. Michigan’s online sportsbooks on the other hand generated a nearly $400 million sports betting handle.
A record-setting February also translated into good news for state and local governments. In total, online casinos paid nearly $30 million in state and local taxes last month. Online sportsbooks kicked in another $581 thousand as well.