The Michigan gaming market performed well this November 2024, with combined internet gaming and sports betting receipts reaching a remarkable $284.3 million. This performance represents a significant year-over-year increase of 35.9% compared to November 2023, while also showing strong month-over-month growth of 12.1% from October 2024, according to the Michigan Gaming Control Board’s latest report.
The market’s health is further evidenced by the adjusted gross receipts, which reached $240.4 million after accounting for promotional spending. This figure showcases impressive growth metrics, advancing 51.9% compared to the previous year and posting a 15.3% increase from October’s numbers. If you want to get more insights on sports betting, this betting directory can help you find more resources.
Michigan Gaming Market in November
Online casino gaming continued its stellar performance in November, building on its recent momentum. Gross iGaming receipts not only grew 28.9% year-over-year but also established a new record by surpassing October’s high mark of $220.7 million by 2.4%. The adjusted gross receipts from iGaming operations reached $203.3 million, maintaining similar growth patterns with a 28.8% year-over-year increase and a 2.4% improvement from October.
The sports betting sector also delivered impressive results, with gross receipts hitting $58.3 million in November. This represents a substantial 72.0% increase from the previous year and a remarkable 76.7% jump from October’s figures. The adjusted sports betting gross receipts were even more striking, reaching $37.1 million – a massive 264.8% increase from October and dwarfing the previous year’s figure of $294,810. So if you want to jump into the industry to start earning, learn how to open a sportsbook and get started.
New Records for Michigan
November also saw the Michigan gaming market set a new record for online betting handle, with $650.2 million wagered during the month. This surpassed the previous record of $613.4 million set in December 2023 by 6.0%. The state-wide hold rates were healthy, with gross receipts showing an 8.97% hold and adjusted gross receipts registering a 5.71% hold. You can track similar data in your sportsbook with the help of a pay per head sportsbook software.
Meanwhile, the land-based casino sector in Michigan also showed strong performance, particularly when compared to November 2023, which was impacted by strikes. The three commercial casinos in Detroit generated total revenue of $108.4 million, marking a 37.0% increase from the previous year and a 5.3% improvement from October.
This figure encompasses revenue from slots, table games, and retail sports betting operations. Traditional casino games, including table games and slots, contributed $106.4 million to this total, while retail sports betting added $1.91 million, with total sports betting handle at these facilities reaching $21.0 million.
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