According to the announcement of the two state’s latest gambling revenue results, the state of Michigan is hot on the heels of New Jersey in terms of profits from online gambling. Michigan is very likely to surpass New Jersey and take the leading spot in the US-regulated market because of the trajectory the two states are following since the launch of online gambling in their respective jurisdiction.
There is a lot of demand in the new online gambling market in Michigan
The gambling revenue results were announced by the New Jersey Division of Gaming Enforcement and the Michigan Gaming Control Board, but the data was compiled by Odds Seeker, a website for news from the regulated online gambling market in the United States.
In the first half of the year, online gambling websites in New Jersey achieved a profit of $814,519,523. Revenue for Michigan was close to $757 million for the same period. New Jersey and Michigan have legalized online gambling in the last few years, but Michigan will be the first state to offer online gambling in January 2021.
In New Jersey the industry had plenty of time to grow and establish itself, while in Michigan things are still being streamlined. At the same time, Michigan is enjoying good online gambling revenues as there is a lot of bottled-up demand that has been finally unleashed with Michigan residents being still hungry for this fresh and attractive leisure and entertainment opportunity.
When you consider the population of the two states, the difference in revenue from gambling per resident is $12.58 in favor of New Jersey as profits per capita in Michigan were $75.31 and in New Jersey, they were $87.89.
There is a closer look into the numbers
One number in the monthly revenues of the two US states in the period from January to June 2022, really stands out, if we take a closer look. During the month of March online casinos and sports betting websites in the state of New Jersey made over 140 million dollars. The best result of Michigan in April is not even close to it. There was a decline in revenue for the last two months, May and June, in both states. This is probably due to the global inflation crisis which is causing people to stop gambling. The quiet sportsbook calendar and vacation time are contributing to the decline. Once the football season starts and people get back to their 9-to-5 routines, profit levels should go up.
Summary:
Online gambling websites in New Jersey achieved profits amounting to $814,519,523 for the first half of 2022. Michigan followed closely with revenue of $757,024,184 for the same period. A notable factor is that online gambling has been legal in New Jersey since November 2013, while Michigan is relatively new to the game with its launch of the online gambling market in January 2021.