Latest News
Michigan iGaming, Sports Betting Operators Report $242.5 Million in December Revenue, $2.3 Billion Total for 2023
Michigan commercial and tribal operators reported a combined $242.5 million total Internet gaming (iGaming) gross receipts and gross sports betting receipts in December. Gross receipts increased 15.9% compared to November.
Monthly Gross Receipts
December iGaming gross receipts totaled $181.4 million, the highest to date. The previous high was $175.3 million recorded in November of 2023. Gross sports betting receipts for December totaled $61.1 million, also the highest to date. The previous high was $54.1 million achieved in November of 2021. Last month, iGaming gross receipts were $175.3 million and gross sports betting receipts were $33.9 million.
Monthly Adjusted Gross Receipts
Combined total iGaming and Internet sports betting adjusted gross receipts (AGR) for December were $198.4 million including $163.3 million from iGaming and $35.1 million from Internet sports betting; representing an iGaming increase of 3.5% and a $34.9 million increase for sports betting when compared to November of 2023. Compared to December of 2022 reported revenues, iGaming AGR was up by 18.8% and sports betting was up by 14.3%.
Monthly Handle
Total Internet sports betting handle at $583.0 million was up by 2.5% from the $568.8 million handle recorded in November of 2023. This is the highest Internet sports betting handle to date.
Monthly State Taxes/Payments
The operators reported submitting $36.7 million in taxes and payments to the state of Michigan during December, of which:
- iGaming taxes and fees = $34.1 million
- Internet sports betting taxes and fees = $2.6 million
Monthly City of Detroit Taxes/Payments
The three Detroit casinos reported paying the city of Detroit $9.4 million in wagering taxes and municipal services fees during December, of which:
- iGaming taxes and fees = $8.4 million
- Internet sports betting taxes and fees = $1.0 million
Monthly Tribal Operatorsâ Payments
Tribal operators reported making $4.3 million in payments to governing bodies in December.
Annual Gross Receipts
In 2023, Michigan commercial and tribal operators reported a combined $2.3 billion total iGaming gross receipts and gross sports betting receipts; $1.9 billion from iGaming and $420.4 million from Internet sports betting, an 18.3% increase over 2022.
Annual Adjusted Gross Receipts
In 2023, Michigan commercial and tribal operators reported a combined $1.956 billion total iGaming adjusted gross receipts and adjusted gross sports betting receipts; $1.733 billion from iGaming and $223.451 million from Internet sports betting, an 18.8% increase over 2022.
Annual Handle
Total handle for 2023 was $4.6 billion.
Annual State Taxes/Payments
The operators paid $369.8 million in taxes and payments to the state of Michigan in 2023, of which:
- iGaming taxes and fees = $354.0 million
- Internet sports betting taxes and fees = $15.8 million
Annual City of Detroit Taxes/Payments
The three Detroit casinos reported paying the city of Detroit $95.8 million in wagering taxes and municipal services fees in 2023, of which:
- iGaming taxes and fees = $89.4 million
- Internet sports betting taxes and fees = $6.4 million
Annual Tribal Operatorsâ Payments
Tribal operators reported making $43.1 million in payments to governing bodies in 2023.
An online gaming and sports betting revenue distribution table is available on the agencyâs website.
As of December, a total of 15 commercial and tribal operators have been authorized to launch iGaming and/or Internet sports betting. Currently, 14 commercial and tribal operators offer Internet sports betting and 15 operators offer iGaming. Details for each operatorâs Internet gaming and Internet sports betting results are available on the MGCB website.
Gambling in any form is for entertainment purposes only. If someone has a gambling problem, please call the state’s 24-hour, toll-free helpline at 1-800-270-7117 or the MGCB’s responsible gaming section at 1-888-223-3044. Visit the Responsible Gaming page of the MGCB website for information on self-exclusion programs including the Disassociated Persons List and the Internet Gaming and Sports Betting Responsible Gaming Database and DontRegretTheBet .org for additional tools to game responsibly.
The Michigan Gaming Control Board (MGCB) shall ensure the conduct of fair and honest gaming to protect the interests of the citizens of the state of Michigan. Learn more at Michigan.gov/MGCB.
Gambling in the USA
Andrew Cardno to Deliver Keynote at November Gaming Conference in Phoenix: âHow are Technology Advancements Impacting Decision Making and Driving Innovation in Gaming?â
The gaming industry continues to evolve with the rapid integration of advanced technologies, offering new pathways for innovation and decision-making. Andrew Cardno, Chief Technology Officer of Quick Custom Intelligence (QCI), will deliver a keynote address titled âHow are Technology Advancements Impacting Decision Making and Driving Innovation in Gaming?â at this yearâs premier gaming conference, taking place on November 12th and 13th in Phoenix, Arizona.
Cardno, a leading expert with over two decades of experience in gaming and technology, will explore how advancements such as artificial intelligence, machine learning, and data-driven solutions are reshaping decision-making processes within the gaming industry. His address will provide actionable insights for professionals seeking to stay ahead in this fast-paced environment.
âTechnology is no longer just an enabler; itâs the driving force behind innovation in gaming,â said Andrew Cardno. âAt this yearâs conference, I will delve into how these advancements can empower industry leaders to make better, faster decisions and capitalize on new opportunities for growth.â
Mark Pace, President of the International Gaming Standards Association (IGSA), praised Cardnoâs expertise: âAndrew Cardno has a deep understanding of how technology is transforming the gaming industry. His ability to translate complex innovations into practical, strategic insights makes him the ideal keynote speaker. His work continues to inspire and guide decision-makers across the gaming world.â
The conference, held in Phoenix on November 12th and 13th, promises to be a hub of cutting-edge discussions and networking opportunities, bringing together top leaders to explore the future of gaming.
Conferences
BetConstruct Set to Appear at SBC Summit Latinoamérica 2024
Seeking to further contribute to the Latin America market with innovative products and services, BetConstruct is set to participate at the anticipated SBC Summit LatinoamĂ©rica to be held on October 29-31 in Hollywood Miami FL.Â
SBC Summit LatinoamĂ©rica has long positioned itself as the ultimate event for Latin Americaâs thriving markets, gathering over 4000 delegates, many of whom are key decision-makers in the region. The event features conferences held by over 200 experts in regulation, sports betting, casinos, marketing, compliance, and more. Also showcasing at the exhibition floor are over 70+ brands.
Already an established name in the Latin America market, BetConstruct continues to support the region with innovative offerings that will be showcased at the event. These include the comprehensive Sportsbook that has the capacity of covering 140k+ pre-match and 70k+ live events each month, massive Casino Suite with thousands of top-tier games developer both in-house and by reputable providers, impressive Live Casino, and DECA, a blockchain-based decentralised casino platform built for the future.
BetConstructâs representatives are eager to greet SBC Summit LatinoamĂ©rica delegates at stand D30 at the Seminole Hard Rock Hotel & Casino in Hollywood Miami FL, USA on October 29-31 and discuss how the companyâs expansive offerings can push the industry forward in the region. You can also book a meeting with them in advance. See you soon in Hollywood Miami FL!
Latest News
Kyrrex Expands into the U.S. Market, Offering Crypto Solutions with Low Fees
Kyrrex, a crypto ecosystem, is thrilled to announce its official launch in the United States. With operations now live in ten states, Kyrrex is poised to offer American users a platform for cryptocurrency trading, payments, and wallet management.
Kyrrexâs U.S. platform enables users to buy and trade cryptocurrencies with competitive commissions of just 0.2%, making crypto transactions efficient and cost-effective. Available in California, Colorado, Hawaii, Utah, Indiana, Wisconsin, Missouri, Montana, Massachusetts, and Wyoming, Kyrrex is rapidly expanding to other regions across the U.S.
âWeâre incredibly excited to bring Kyrrex to the U.S. market,â said Mike Romanenko, CVO & Co-Founder at Kyrrex. âOur platform is designed to offer American users a safe and reliable way to manage all their crypto needs, and we look forward to growing our presence across the country.â
Why the U.S. Market Matters for European Crypto Companies
The U.S. represents one of the largest and most dynamic crypto markets in the world. As of 2024, the U.S. accounts for over 25% of global cryptocurrency activity, driven by increasing institutional investment and mainstream adoption. The approval of Bitcoin exchange-traded Funds (ETFs) has boosted institutional interest significantly, signaling a shift toward greater acceptance of cryptocurrencies as full-fledged assets. By 2025, the U.S. crypto market is expected to see substantial growth, with estimates projecting a compound annual growth rate (CAGR) of over 12% in the sector, supported by both retail and institutional demand. For companies like Kyrrex, entering the U.S. market is a strategic move to expand user reach and tap into this rapidly evolving landscape, which offers vast potential for innovation and growth.
Kyrrexâs expansion into the U.S. is a testament to the companyâs commitment to building a global crypto ecosystem that connects crypto-related services in one platform. By providing American users with access to a platform that offers crypto trading, wallet services, and low-fee purchases via debit and credit cards, Kyrrex is positioned to be a responsible player in the U.S. market. After six years of building a comprehensive crypto ecosystem, the company continues to lead with regulatory compliance. Today, Kyrrexâs achievements include:
- Saint Vincent and the Grenadines: Kyrrex Limited is registered and recognized by the SVG Financial Services Authority, providing a foundation of trust and security;
- Malta: REX, part of the Kyrrex ecosystem, obtained a prestigious VFA Class 4 license in 2021, allowing the platform to offer Virtual Financial Assets (VFA) services while maintaining the highest European regulatory standards;
- United States: Kyrrex is registered with FinCEN as a Money Services Business (MSB) and is available in 10 U.S. states, including California, Massachusetts, and Utah.
Kyrrex ecosystem is also preparing for future regulatory changes by applying for a Class 3 MiCA (Markets in Crypto-Assets) license and an EMI (Electronic Money Institution) license in Malta and the U.K. Also, the company applied for an Investments Services license, which will enable brokerage services from and within Malta. This strategic approach ensures that Kyrrex will continue to offer secure and compliant services across multiple jurisdictions.
âKyrrexâs entry into the U.S. comes at a critical time as regulations around cryptocurrency continue to evolve. The companyâs commitment to regulatory compliance demonstrated through adherence to U.S. state law, positions Kyrrex as a responsible and reliable platform for American users. As part of Kyrrexâs mission, we will continue working closely with U.S. regulators to ensure that our platform remains compliant with the highest regulatory standards.â, stated Mr. Romanenko from Kyrrex.
With plans to expand into more states and enhance its service offerings, Kyrrex is dedicated to reshaping the operations of digital assets by providing users with secure, efficient, and regulated crypto solutions.
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