Michigan online gambling receipts continue to show growth

Michigan online gambling receipts continue to show growth

Michigan’s online gambling industry continues to grow, as July igaming and digital sports betting adjusted gross receipts (AGR) grew a combined 3.2% over June. Michigan

In addition, compared to July 2023, online gambling AGR was up 24.7% and sports betting was up 5.2%, according to the Michigan Gaming Control Board (MGCB), which released results on Tuesday (20 August).

But the big news was wagering hold. Digital sports betting operators recorded an 11.3% win rate in July, the fourth consecutive month of double-digit hold, according to the Sports Handle revenue database. That’s the second-highest hold since digital operators went live in January 2021.

The operators’ most successful month for hold was September 2022 – the second football season during which digital betting was live. That month, operators kept 13.15% of handle.

Overall, Michigan online gambling commercial and tribal operators reported a combined $220.9m (£169.4m/€198.4m) in gross receipts. Michigan has three land-based casinos in Detroit, in addition to nine tribal casinos throughout the state. There are 12 mobile sportsbooks.

Online casino results

In July, Michigan online gambling operators had $191.4m in July in gross receipts, compared to $183.2m in June. July AGR was $172.3m, up 24.7% compared to July 2023.

The state’s 15 igaming operators paid $36m in taxes to the state.

BetMGM (MGM Grand) and FanDuel (MotorCity Casino) were 1-2 in terms of gross receipts. BetMGM recorded $50.7m in gross receipts and FanDuel recorded $46.7m. DraftKings (Bay Mills Indian Community) was firmly in third with $37.1m in gross receipts.

Sports betting

Gross sports betting receipts in July were $29.4m, compared to $30.9m in June. Wagering hold in June was 11.2%. Online sports betting AGR was $17.2m, up 5.2% from July 2023. Digital handle in July 2024 was $250.2m, down from $276.8m last month and up from $200.8m in July 2023.

Digital sports betting operators paid $1.1m in taxes.

FanDuel, in partnership with MotorCity Casino, continued as the market leader, taking $93.4m in bets, with AGR of $8.3m. DraftKings, partnered with the Bay Mills Indian Community, was second with $69.7 million in handle and $5.9m in AGR. The next closest operator was BetMGM with $33.6m in handle, but it claimed $4m in promotional spending, resulting in AGR of $188,016, well below that of its competitors.

Fanatics ($13.6m handle) was fourth in revenue and handle, edging out ESPN Bet ($13.2m handle).

Detroit casinos

Detroit’s three commercial casinos reported combined AGR of $106.3m, with MGM Grand leading the way at $51.3m. MGM Grand, Greektown Casino and MotorCity Casino combined to pay the state $8.6m in taxes and the city $12.6m.

The retail casinos had -$399,229 in sports betting revenue for July, according to the Michigan Gaming Control Board. They overall had positive aggregate revenue of $105.9m, including $106.3m from table games and slot machines.

MGM grabbed 48% of market share, followed by MotorCity (29%) and Hollywood Casino at Greektown (23%).

Comments

No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *