Michigan Online Casinos Bounce Back In July, Sports Betting Handle Falls To 2024 Low
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In July 2024, Michigan sportsbooks experienced a notable decline, reaching the lowest point of the year with a total handle of $225 million. Although this represents a 23.1% decrease compared to June, it still reflects a noteworthy 9.1% growth compared to July 2021.
Revenue from Michigan online casinos and online poker experienced a slight increase compared to the previous month, with internet gaming generating $126.6 million in revenue. This represents a 4.2% rise from the $121.5 million generated in June.
According to Paul Costanzo, the lead analyst at Playinmichigan, the rise in online casino revenue on a monthly basis during the summer demonstrates the robustness of the industry in Michigan. This increase compensates for the decline in sports betting, which is expected due to the absence of significant sporting events in July. Nevertheless, it is noteworthy that this increase surpasses the revenue generated in July 2021, which marked the lowest recorded full month in Michigan.
July 2024 Michigan sports betting numbers
The following figures are the key statistics provided by the Michigan Gaming Control Board.
- The total amount of money handled is $225 million, with $206.1 million being handled online.
- The revenue amounted to $22.9 million, out of which $21.6 million was generated online.
- Holdings increased from 5.4% last month to 10.2%.
- Promotional credits: $7.6 million
- Month-over-month: Handle decreased 23.1%
- In July, the state received taxes amounting to $862,970 from sports betting, while local entities collected $444,317.
- FanDuel Sportsbook MI is the leading online sports betting app in terms of handle, boasting an impressive $60.1 million.
- FanDuel, the leading online sports betting app, has generated a revenue of $7.7 million.
July 2024 Michigan online casino revenue
In July, online casinos in Michigan witnessed impressive numbers of players, generating substantial revenue.
- The revenue generated by online casinos in June increased by 4.2% to reach $126.6 million.
- In the month of June, the online casino tax payments amounted to $24.1 million allocated to the state and $10.1 million designated for local entities.
- BetMGM Michigan is the leading online casino app in terms of revenue, generating an impressive $48 million.
Top takeaways from July 2024 Michigan online gambling numbers
Encouraging year-to-year growth
While the $126.6 million in iGaming revenue may not be groundbreaking, it does emphasize the steady growth compared to July of the previous year.
Excluding January 2021 (which commenced mid-month), online casinos generated a mere $92.2 million in revenue, marking the third-lowest month of the year.
In terms of highest-revenue months, July 2024 secures the fourth position, falling just under $1 million short of May’s $127.4 million.
The year-over-year percentage growth has been consistently stable, with every month in 2024 generating at least 34% more revenue compared to the previous year.
- In February, there was a remarkable growth of 54.1% compared to the previous year.
- There was a growth of 38.5% in March compared to 2021.
- There was a 39.5% increase in growth from 2021 in April.
- There was a 34.2% increase in growth in May compared to 2021.
- In June, there was a significant increase of 36.2% compared to 2021.
- In July, there was a significant growth of 37.2% compared to the previous year, 2021.
Michigan sports bettors take a hit
In July, Michigan sports bettors experienced a slight setback after their successful run in June. The sportsbooks, which had previously achieved a 5.4% hold, saw an increase to 10.2% hold in July.
Four different operators collected a hold in the double digits, resulting in an online hold of 10.5%. This overall hold of 10.2% is the highest for Michigan sportsbooks since November 2021, when they collected 11.7% of the handle.
Since the introduction of online sports betting in January 2021, this represents the fourth-highest hold for the books.
Three-book race heading into football season
Ever since the inception of online sports betting, there has been a fierce competition among three major operators vying for the top position.
Fanduel Sportsbook MI, BetMGM Michigan, and DraftKings Sportsbook MI consistently surpass their competitors.
FanDuel has established a slight lead over the others, accounting for 28% of the total online handle in Michigan, which amounts to $1.75 billion. However, DraftKings follows closely behind with 25% ($1.56 billion), and BetMGM holds a respectable 23% ($1.41 billion). These three platforms clearly dominate the market in their own category.
In July, FanDuel dominated the online handle share with 29%, amounting to $60.1 million. DraftKings closely followed with 28%, totaling $57.5 million, while BetMGM secured the third position with 22%, equivalent to $44.6 million.
With the start of NFL and college football approaching, anticipate these three contenders to strategize their moves in order to outperform one another.
DraftKings asserted its dominance in the previous football season by securing the highest handle share in August, September, November, and December.
Michigan July 2024 sports betting handle and revenue by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $62,291,611 | $7,982,643 | 12.8% | $583,633 |
| Bay Mills | DraftKings | $57,487,672 | $4,652,833 | 8.1% | $197,782 |
| MGM Grand Detroit | BetMGM | $51,637,208 | $6,372,429 | 12.3% | $389,334 |
| Greektown | Barstool | $22,726,202 | $1,470,888 | 6.5% | $121,241 |
| Grand Traverse | Caesars | $15,446,398 | $1,139,116 | 7.4% | $0 |
| Lac Vieux Desert | PointsBet | $4,316,520 | $407,922 | 9.5% | $0 |
| Little River | BetRivers | $3,530,125 | $276,554 | 7.8% | $5,861 |
| Little Traverse Bay | Fox Bet | $1,509,335 | $74,715 | 5.0% | $2,298 |
| Sault Ste. Marie | WynnBet | $1,440,069 | $111,003 | 7.7% | $7,139 |
| Sagniaw Chippewa | Eagle | $1,254,097 | $139,795 | 11.1% | $0 |
| Nottawaseppi Huron | FireKeepers | $1,116,587 | $45,603 | 4.1% | $0 |
| Match-E-Be-Nash-She-Wish | betParx | $800,783 | $63,921 | 8.0% | $0 |
| Keweenaw Bay | Golden Nugget | $639,855 | $60,257 | 9.4% | $0 |
| Pokagon | Four Winds | $401,628 | $52,266 | 13.0% | $0 |
| Hannahville | TwinSpires | $368,166 | $24,635 | 6.7% | $0 |
| Total | $224,966,256 | $22,874,582 | 10.2% | $1,307,287 |
Michigan July 2024 online casino revenue by operator
| Licensee | Brand | Revenue | Promos | Taxes |
|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $48,021,615 | $1,613,545 | $13,574,360 |
| Bay Mills | DraftKings | $19,037,250 | $1,903,725 | $5,696,897 |
| MotorCity | FanDuel | $18,564,679 | $1,856,468 | $4,887,152 |
| Little River | BetRivers | $8,766,285 | $876,629 | $2,209,104 |
| Grand Traverse | Caesars | $6,242,229 | $624,223 | $1,573,042 |
| Keweenaw Bay | Golden Nugget | $6,168,121 | $616,812 | $1,554,367 |
| Greektown | Barstool | $4,391,869 | $439,187 | $1,156,160 |
| Sault Ste. Marie | WynnBet | $3,919,849 | $391,985 | $987,802 |
| Pokagon | Four Winds | $3,008,220 | $300,822 | $758,071 |
| Little Traverse Bay | Fox Bet | $2,255,186 | $225,519 | $568,307 |
| Sagniaw Chippewa | Eagle | $2,143,679 | $214,368 | $413,961 |
| Match-E-Be-Nash-She-Wish | betParx | $1,459,684 | $145,968 | $351,886 |
| Nottawaseppi Huron | FireKeepers | $1,355,736 | $135,574 | $268,436 |
| Lac Vieux Desert | PointsBet | $881,543 | $70,963 | $171,900 |
| Hannahville | TwinSpires | $398,574 | $9,125 | $85,679 |
| Total | $126,614,517 | $9,424,912 | $34,257,123 |
