When you think of the Michigan casino industry, what comes to mind? Probably images of huge buildings, flashing lights, and hordes of people. It’s no wonder then that the Michigan casino industry had a record October. In fact, according to the Michigan Gaming Control Board (MGCB), gambling revenue in the state reached $1.5 billion in October—an increase of 5.4 percent from October 2017. This year has been particularly good for the casino industry, with Nevada and New Jersey legalizing online gambling, leading to an influx of new players into Michigan casinos. So if you’re looking to get in on the action or just want to know more about this booming industry, read on!
Michigan reports record igaming revenue in October
In October, the Michigan Gaming Control Board released its monthly report which revealed that the state’s gaming industry generated a record $22.2 million in revenue. This is an increase of over 30% from October of last year, and the highest monthly total ever recorded.
The main contributors to this increase were casino and race track casinos, which both saw their average daily earnings (ADE) increase by over 27%. There was also a significant jump in slot machine winnings, which went up by nearly 28%.
Commenting on the figures, MGCB Director James Umbers remarked: “October was another strong month for Michigan’s gaming industry. Our casinos and racetracks continue to perform well, with increased earnings and more customers playing our unique offerings.”
How legalizing gambling helped Michigan’s casinos
The state of Michigan reported a record gaming revenue in October, thanks in large part to the legalization of gambling. According to officials, the state generated $173 million from gaming last month, an increase of 11% from October of 2016. This marks the sixth consecutive month that Michigan has posted record gaming revenue.
A big reason for the increased revenue is likely due to the increased number of people playing casino games. In October, there were 2.8 million visits to casinos statewide, an increase of 5% from the previous month. Casinos also benefited from an increase in casino taxes and fees collected during October. Combined, these sources generated $163 million in revenue for the state.
With steady growth in both gaming and tax revenues, it seems likely that Michigan will continue to be a powerhouse when it comes to igaming. This is good news for businesses and people throughout the state, as it means more jobs and more money being put into local economies.
What other states are seeing a rise in gambling revenue?
In October, Michigan reported a record igaming revenue of $103 million. This is up from $88 million in September and $79 million in October of last year. The main contributors to the increase were casino and racino gaming, which saw their revenue rise by 25 percent and 28 percent, respectively. Other areas of growth included bingo and lottery ticket sales, which increased by 14 percent and 10 percent, respectively.
The large increase in gambling revenue in Michigan may be due to several factors. First, the state has a number of casinos and racinos that are popular among tourists. Second, the state’s lottery is one of the most popular in the country. Third, Michigan has recently passed legislation that allows for more sports gambling opportunities. These changes may help to attract more people to gamble in Michigan, as well as increase overall revenue for the state’s gaming industry.
In October of this year, the Michigan Gaming Control Board announced that gaming revenue in the state reached a record high of $1.8 billion. This is an increase from the previous record of $1.7 billion that was set in July of this year. The majority of this revenue came from casino and racino-based gaming, with horse racing also contributing to a significant portion of the total amount. The growth in igaming revenue is likely due to several factors, including rises in bet sizes and wagers placed on both traditional and online casino games throughout Michigan. In addition, recent legislative changes have made it easier for casinos to offer new types of games and promotions, which has undoubtedly helped boost business. While there are still concerns that too much money is being funneled into the hands of a few businesses at the expense of others, overall it appears that igaming continues to be a booming industry in Michigan.