Analyst: Michigan to ‘almost certainly’ reach $1 billion in revenue in first year of online gambling – MiBiz: West Michigan Business News

Internet casino gaming and sports betting operators in Michigan reached a new benchmark in September, combining for $126.1 million in gross revenue for the month.

The Michigan Gaming Control Board released official data this week that detailed the banner month for the state, which first rolled out online gaming and sports betting in late January of this year.

Online casino gaming continues to hum along in Michigan as operators reported $102.4 million in gross receipts for September. This rang in 5.3 percent higher than last month, which set the previous record of $97.2 million.

Adjusted revenue for online casino gaming, which takes into account free play promotions, was $92.3 million. This segment of online gambling generated $18.9 million for the state in taxes and payments.

Live dealer games have pushed online casino gaming to a new level, Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayMichigan.com, said in a report on Michigans latest figures. The states industry will almost certainly reach $1 billion in revenue in its first year of existence, which is a remarkable milestone for such a young market.

Between Jan. 22, when online gaming launched, and Sept. 30, online casino gaming has generated $698.5 million in adjusted revenue.

As expected, sports betting activity also picked up in September as college football kicked off across the country. Sports betting operators in Michigan handled $354.3 million in bets, leading to $23.7 million in gross revenue, up by 49 percent from August.

September was only rivaled by the $359.5 million in bets handled in March, which was anchored by the NCAA mens basketball tournament.

On-premises sports wagering combined with online sports betting totaled $386.8 million in bets placed, which is a new monthly record.

Internet sports betting contributed $426,873 to the state in taxes and payments.

The potency of a full football schedule and access to online betting is unmatched, Ramsey said. September will raise expectations for the industry, and the bar was already pretty high. The next three months have the potential to bring even more records.

Read more from the original source:

Analyst: Michigan to 'almost certainly' reach $1 billion in revenue in first year of online gambling - MiBiz: West Michigan Business News