Connect with us
Midnight Princess - Power of Love slot game by Play'n GO
Midnight Princess - Power of Love - Slots game by Play'n GO

Gambling in the USA

Michigan Online Sports Betting Generates $32M Revenue in March

Published

on

Michigan Online Sports Betting Generates $32M Revenue in March

 

According to PlayMichigan, the online sportsbooks in Michigan set fresh records for handle and revenue, reaching nearly $400 million in online and retail bets in March and surpassing $30 million in online revenue, while online casino revenue approached $100 million.

“With nearly $1 billion in lifetime bets now, it’s hard to understate just how unprecedented Michigan’s gaming expansion has been so far. The growth in online casino gaming has been off-the-charts. No other state has enjoyed a launch of online casino gaming and sports betting quite like this,” Dustin Gouker, analyst for PlayMichigan.com, said.

The NCAA Tournament spurred Michigan’s online sportsbooks to $359.5 million in handle, according to official data released Tuesday. That total was up 19.1% from $301.9 million in February. Combined with the state’s $24.2 million retail handle, which was released last week, Michigan’s online and retail sportsbooks collected $383.7 million in bets. That overall total is up 17.8% from $325.6 million in bets in February.

Michigan’s online and retail sportsbooks have now combined to take in $990.9 million in bets since legalization, including $860 million in 2021.

Advertisement
Stake.com

March’s online bets produced a record $32.3 million in total gross sports betting receipts, up from $9.4 million in February. Taxable revenue rose to $19 million, which was up from a $10.8 million loss in February.

Online sportsbooks generated $535,930 in state taxes, but promotional credits continue to dampen the state’s take. So far this year, the state has collected $819,866 on $3 million in taxable revenue.

“As successful as the launch has been, those promotional credits are starting to stack up, which could take some time to work through. The summer months will likely end up being more fruitful for the state, even as betting predictably slows with a lighter sports calendar. If tax revenue remains lackluster, however, it could grow into a larger issue that may need to be fixed going forward,” Matt Schoch, analyst for PlayMichigan.com, said.

Online betting accounted for 93.7% of the state’s overall handle. FanDuel/MotorCity Casino led the online market with $107.2 million in bets. Those bets gained $7.8 million in gross sports betting receipts and $5 million in taxable revenue.

“Michigan is the most competitive online sports betting market in the country right now, and that has shown in the heavy promotional spend by most operators. The top three have separated themselves from the pack, but BetMGM has differentiated itself in generating heavy action while preserving its win with less in promotions,” Schoch said.

Advertisement
Stake.com

Gambling in the USA

Vermont Department of Mental Health Launches Problem Gambling Support Site

Published

on

 

The Vermont Department of Mental Health has launched a new website designed to assist individuals and families affected by problem gambling. The new site, VTGamblingHelp.org, serves as a valuable resource for those seeking immediate assistance and support for problems related to gambling, as well as those looking to promote healthy and responsible gaming behaviors.

Over 11,600 Vermont residents are estimated to be struggling with a gambling problem. VTGamblingHelp.org provides new and vital support services to Vermont Lottery and Vermont Mobile Sports Wagering players. Key features of the website include:

  • 24/7 Helpline: Immediate assistance through the problem gambling helpline, 1-800-GAMBLER, staffed by trained professionals.
  • Live Chat: A live chat feature available 24 hours a day, 7 days a week, staffed by problem gambling peer specialists.
  • Voluntary Self-Exclusion Program: A program allowing mobile sports wagering players to opt out of playing for self-selected periods.
  • Recognizing the signs of problem gambling: Tools to help individuals assess their gambling behavior and determine if they need help.
  • Treatment Options: Access to referrals for various treatment options available in Vermont, including counseling and support groups.

“Problem gambling can deeply affect mental health, finances, and family dynamics. This website offers a space for individuals to find the resources and care they need to navigate problem gambling behavior or learn about gaming responsibly,” said Elliott McElroy, the newly appointed DMH Responsible Gaming Program Coordinator.

Vermont treatment providers can use VTGamblingHelp.org “For Providers” page to learn more about upcoming free trainings to become certified problem gambling specialists. The Vermont Problem Gambling Clinical Training offers a free 10-session, 30-hour course to develop skills in gambling disorder assessment, treatment, and recovery support. Participants can earn up to 30 Continuing Education Units (CEUs) – 3 CEUs per live class attended – while learning from award-winning experts.

“As millions of Americans grapple with gambling addiction and millions more face the risk, these services are vital in promoting responsible gaming practices within our communities and providing support to individuals affected by problem gambling and gambling addiction. We are thrilled to have launched this site and optimistic about the resources it will provide to Vermonters,” DMH Medical Director Dr. Kelley Klein said.

Advertisement
Stake.com
Continue Reading

Gambling in the USA

Detroit Casinos Report $105.44M in June Revenue

Published

on

 

The three Detroit casinos reported $105.44 million in monthly aggregate revenue (AGR) for the month of June 2024, of which $104.55 million was generated from table games and slots, and $889,014 from retail sports betting.

The June market shares were:

  • MGM, 46%
  • MotorCity, 30%
  • Hollywood Casino at Greektown, 24%

Monthly Table Games, Slot Revenue, and Taxes

The casinos’ revenue for table games and slots for the month of June 2024 increased 2.6% when compared to the same month last year. June’s monthly revenue was 6.1% lower when compared to the previous month, May 2024. From Jan. 1 through June 30, the Detroit casinos’ table games and slots revenue increased by 0.4% compared to the same period last year.

The casinos’ monthly gaming revenue results were mixed compared to June of last year:

Advertisement
Stake.com
  • MGM, up 3.6% to $48.71 million
  • MotorCity, down 3.1% to $31.47 million
  • Hollywood Casino at Greektown, up 9.0% to $24.37 million

In June 2024, the three Detroit casinos paid $8.5 million in gaming taxes to the State of Michigan. They paid $8.3 million for the same month last year. The casinos also reported submitting $12.4 million in wagering taxes and development agreement payments to the City of Detroit in June.

Monthly Retail Sports Betting Revenue and Taxes

The three Detroit casinos reported $8.4 million in total retail sports betting handle, and total gross receipts were $894,867 for the month of June. Retail sports betting qualified adjusted gross receipts (QAGR) were down by 52.2% in June when compared to the previous month, May 2024.

June QAGR by casino was:

  • MGM: $154,265
  • MotorCity: $460,693
  • Hollywood Casino at Greektown: $274,056

During June, the casinos paid $33,605 in gaming taxes to the state and reported submitting $41,072 in wagering taxes to the City of Detroit based on their retail sports betting revenue.

Fantasy Contests

For May 2024, fantasy contest operators reported total adjusted revenues of $806,636 and paid taxes of $67,757.

Advertisement
Stake.com
Continue Reading

Gambling in the USA

JCM Installs iVIZION and ICB System at Fair Grounds Race Course & Slots in New Orleans

Published

on

 

JCM Global (JCM) has installed its award-winning iVIZION bill validator and ICB Intelligent Cash Box system at the historic Fair Grounds Race Course & Slots in New Orleans.

JCM upgraded its UBA bill validator to iVIZION and installed ICB on each of the 620 slots at Fair Grounds. Previously, JCM installed its GEN5 Thermal Printer at Fair Grounds, and now with iVIZION and ICB, the path is open for the property to take full advantage of JCM’s FUZION technology in the future.

“The storied Fair Grounds Race Course & Slots is the nation’s third-oldest racetrack, and now that history meets JCM’s leading and advanced technologies, providing a perfect blend of security, efficiency, and guest service. We are thrilled to continue our long-standing partnership with Fair Grounds,” Dave Kubajak, SVP of Sales, Marketing and Operations at JCM, said.

Continue Reading

Trending

GamingAmericas.com (part of HIPTHER) is your one-stop portal for the latest news, insights, and analyses in the gaming industry across the Americas. From legislative updates and market trends to interviews with industry leaders, we provide a comprehensive look at the dynamic landscape of both online and land-based gaming. Whether you're a stakeholder looking to stay ahead of the curve or a gaming enthusiast eager for reliable updates, GamingAmericas.com has got you covered. Follow us on social media and subscribe to our newsletter for real-time updates and exclusive content. Make informed decisions and stay ahead in the game with GamingAmericas.com.

Disclaimer: All the information provided is for educational and entertainment purposes only. Always check your local laws before participating in any gaming activities.

Copyright © 2018 – 2024, HIPTHER. All Rights Reserved.