In mid-December, the Michigan Gaming Control Board announced that it had generated over $501.4 million for the School Aid Fund of Michigan. This was achieved through a combination of online casino tax revenue and taxes from brick-and-mortar casinos.
When looking at the numbers, we found that the majority of the $500 million was generated via online gaming tax revenue. A total of $400.9 million came from taxing online forms of gambling, with $388.48 million coming from iGaming alone. Online sports betting was the next biggest generator of online revenue, bringing in $12.9 million, while fantasy contests accounted for just under $300,000.
The remaining $100.5 million is the result of taxes from Michigan-based gambling venues, such as retail sportsbooks and casinos offering table games and slot machines.
The tax revenue raised throughout 2024 will be given to the School Aid Fund. This fund helps cover the costs of running schools in Michigan, such as staff salaries, school supplies, admin costs, and utilities. It provides support for K-12 public schools, ensuring that they have the resources they need to operate at a comfortable level which helps create a better learning environment for pupils.
The MGCB has also contributed to a number of other state funds throughout the year, including:
When asked his thoughts on how the MGCB has helped the state of Michigan in 2024, executive director Henry Williams said, "As we look back on another successful year, I am proud of the significant impact the Michigan Gaming Control Board continues to have on our state and its residents," he went on to say, "From supporting education and first responders to tackling illegal gambling, the MGCB remains steadfast in its mission to protect consumers and enhance the public good."
