Table of Contents
AGA Study: Michigan’s Casino Economic Impact Ranked 8th in the U.S.
According to a recent study by the American Gaming Association, the US economy receives an annual contribution of $328.6 billion from the casino gambling sector.
According to the report, Michigan is in the top 10 states in the nation for economic contribution, with an annual economic effect of $6.28 billion.
Source: Unsplash
Online Casinos in Michigan Continue to Grow
This research focuses on retail gambling, but the influence of online casinos is also growing in Michigan.
With $1.24 billion in revenue from Michigan online gambling sites over the first eight months of 2023, it is in third place in the nation, being just a million shy of NJ. With $1.34 billion for the year, Pennsylvania is in the lead.
Additionally, Michigan was the fastest to reach the $1 billion tax revenue mark thanks to the online casino industry. That was accomplished by Michigan in 32 months starting on January 22, 2021. It took Pennsylvania thirty-six months to get there. Michigan’s online casinos have brought in $310.4 million in taxes for municipal and state entities in 2023 alone.
While everyone is already aware of the success of Michigan’s online casinos, after all, they made the state’s brick-and-mortar casinos rank among the best in the nation.
Michigan is 8th in Economic Impact
The data states that Michigan is one of nine states where the state’s economy contributes at least $6 billion annually. However, Michigan would find it difficult to compete with states like Nevada, California, and Oklahoma which have a lot more retail casinos.
Let’s briefly go over the top 10 states based on the economic impact they bring to the table.
Nevada: 220 casinos, 410,456 jobs supported, economic impact of $55.96 billion
California: 85 casinos, 124,274 jobs supported, economic impact of $19.96 billion
Oklahoma: 142 casinos, 75,885 jobs supported, economic impact of $9.89 billion
Florida: 15 casinos, 54,142 jobs supported, economic impact of $7.55 billion
New York: 31 casinos, 25,784 jobs supported, economic impact of $6.55 billion
New Jersey: 9 casinos, 39,007 jobs supported, economic impact of $6.45 billion
Pennsylvania: 16 casinos, 33,171 jobs supported, economic impact of $6.34 billion
Michigan: 26 casinos, 37,911 jobs supported, economic impact of $6.28 billion
Louisiana: 24 casinos, 40,919 jobs supported, economic impact of $6.13 billion
Washington: 35 casinos, 35,044 jobs supported, economic impact of $5.39 billion
About American Gaming Association
American Gaming Association (AGA) is a well-known trade association that represents the interests of the US casino gaming industry. Established in 1994, the AGA represents the interests of the gaming markets by pushing laws and rules that encourage equitable and responsible gambling. The association’s goals are to improve the interests of the industry, encourage innovation, and boost the US economy.
The nation’s biggest suppliers, affiliated industries, and casino operators are among the corporations that make up the AGA’s membership, with whom it collaborates closely. AGA works on projects pertaining to responsible gaming, regulatory reform, and the financial advantages of the gaming industry. The AGA also organizes events, offers tools, and carries out research to promote communication and collaboration within the industry.
The American Gaming Association (AGA) has been a major force behind the legalization and regulation of sports betting in several states in recent years, which has changed the face of gaming and betting in the country.
The post Michigan’s Casino Economic Impact Ranks 8th in the U.S. appeared first on Top Entrepreneurs Podcast | Enterprise Podcast Network.
Leave a Reply