June Revenue Numbers Show Expected Summer Slowdown For Michigan Sportsbooks, Online Casinos
In not so surprising news, Michigan sportsbooks saw a new low for the year in June 2024, reporting a total handle of $292.4 million. While an 18% decrease from May, it’s still a 12.7% increase from June of 2021.
Michigan online casinos and poker continued their summer slide, but remain strong year-to-year. Internet gaming generated $121.5 million in revenue, falling 4.6% from the $127.4 million generated in May.
“The month-to-month decrease isn’t surprising, as people are certainly spending more time enjoying the Michigan outdoors now that summer has arrived,” Playinmichigan lead analyst Paul Costanzo said. “There is still significant growth from 2021, however, which is a better indicator of the strength of the industry.”
June 2024 Michigan sports betting numbers
Here are the top-line numbers from the Michigan Gaming Control Board.
- Handle: $292.4 million ($270 million online)
- Revenue: $15.8 million ($15.4 million online)
- Hold: 5.4% (down from 10.1% last month)
- Promotional credits: $10.8 million
- Month-over-month: Handle decreased 18%
- May sports betting taxes: $367,487 to the state and $223,067 to local entities.
- Top online sports betting app by handle: FanDuel Sportsbook MI with $81.7 million
- Top online sports betting app by revenue: FanDuel with $6.2 million
June 2024 Michigan online casino revenue
Online casinos in Michigan continued to bring in big numbers in June:
- Online casino revenue: $121.5 million down 4.6% from May
- June online casino tax payments: $22.5 million to state and $9.5 million to local entities
- Top online casino app by revenue: BetMGM Michigan with $47.2 million
Top takeaways from June 2024 Michigan online gambling numbers
Michigan holding ground with other states
Seeing a drop of 18% over a month may seem alarming, but it’s been a common trend across the country.
Sports betting as a whole has hit the summer slump with NBA and NHL playoffs concluding. Football is still weeks away.
Just by comparison, here are some other states and how far they fell from May to June:
- Pennsylvania: 20%
- Oregon: 19
- New York: 17%
- Indiana: 17%
- Iowa: 17%
The $270 million is the lowest online handle in Michigan since August of last year, right on the cusp of NFL season.
iGaming continues to trend upward
While the monthly numbers for online casinos may have dropped, June’s revenue total still shows the overall growth of the industry.
June was the second-lowest revenue total for 2024, yet it still tops 11 of the 12 months in 2021. Only December of 2021 was better at $121.8 million, and even then, just barely.
June 2021 was actually the third-lowest iGaming revenue month all-time in Michigan at just $89.2 million. That’s still 36% growth from year-to-year.
MI sports bettors improve in June
After Michigan retail and online sports betting operators had a 10.1% hold in May, in-state bettors bounced back in June. Michigan posted an impressive 5.4% hold for the month of June.
It was Michigan’s best showing since 5.1% in February of this year. It also marked just the fourth time in the state’s history it has had a hold below 6%.
Since sports betting was legalized, Michigan has an all-time hold just under 8%. It’s performance this month had three different operators lose money (Caesars Sportsbook, FireKeepers, PlayEagle)
While bettors can’t complain about the number, it does lead to a lower tax revenue month for the state. Michigan brought in just $367,487 in state taxes for the month.
Expect more dips ahead
Don’t be surprised to see more drops in sports betting handle to come in the following months.
July of 2021 ($206.3 million) and August of 2021 ($208.6 million) were Michigan’s lowest full months for sports betting handle since online sports betting launched late in January of 2021.
They were followed by five consecutive months of new records for handle. Clearly football season is king. It will be interesting to see just how much growth Michigan sports betting has during the 2024 football season compared to 2021.
Michigan June 2024 sports betting handle and revenue by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $81,709,975 | $6,189,671 | 7.6% | $142,555 |
| Bay Mills | DraftKings | $71,706,792 | $1,711,519 | 2.4% | $0 |
| MGM Grand Detroit | BetMGM | $68,098,744 | $4,921,492 | 7.2% | $105,676 |
| Greektown | Barstool | $34,097,841 | $1,967,244 | 5.8% | $104,296 |
| Grand Traverse | Caesars | $18,253,799 | -$289,432 | -1.6% | $0 |
| Lac Vieux Desert | PointsBet | $6,962,651 | $653,278 | 9.4% | $0 |
| Little River | BetRivers | $4,174,521 | $275,588 | 6.6% | $0 |
| Little Traverse Bay | Fox Bet | $1,769,309 | $122,725 | 6.9% | $7,564 |
| Sault Ste. Marie | WynnBet | $1,218,809 | $119,646 | 9.8% | $7,396 |
| Saginaw Chippewa | Eagle | $980,506 | -$666 | -0.1% | $0 |
| Nottawaseppi Huron | FireKeepers | $924,580 | -$6,960 | -0.8% | $0 |
| Match-E-Be-Nash-She-Wish | Play Gun Lake | $765,909 | $104,077 | 13.6% | $0 |
| Keweenaw Bay | Golden Nugget | $679,165 | $33,462 | 4.9% | $0 |
| Pokagon | Four Winds | $530,216 | $20,013 | 3.8% | $0 |
| Hannahville | TwinSpires | $516,613 | $4,953 | 1.0% | $0 |
| Total | $292,389,429 | $15,826,610 | 5.4% | $367,487 |
Michigan June 2024 online casino revenue by operator
| Licensee | Brand | Revenue | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $47,242,774 | $4,724,277 | $8,333,624 | $4,103,035 |
| MotorCity | FanDuel | $18,533,759 | $1,853,376 | $3,269,355 | $1,069,657 |
| Bay Mills | DraftKings | $17,853,313 | $1,785,331 | $3,599,228 | $1,743,376 |
| Little River | BetRivers | $7,590,862 | $759,086 | $1,530,318 | $382,579 |
| Grand Traverse | Caesars | $5,880,483 | $588,048 | $1,185,505 | $296,376 |
| Sault Ste. Marie | WynnBet | $4,668,422 | $466,842 | $941,154 | $235,288 |
| Keweenaw Bay | Golden Nugget | $4,354,345 | $435,435 | $877,836 | $219,459 |
| Greektown | Barstool | $4,243,052 | $424,305 | $748,474 | $368,509 |
| Pokagon | Four Winds | $2,807,897 | $280,790 | $566,072 | $141,518 |
| Little Traverse Bay | Fox Bet | $2,368,365 | $236,837 | $477,462 | $119,366 |
| Saginaw Chippewa | Eagle | $2,056,520 | $170,512 | $301,761 | $75,440 |
| Match-E-Be-Nash-She-Wish | Play Gun Lake | $1,694,226 | $169,423 | $311,999 | $78,000 |
| Nottawaseppi Huron | FireKeepers | $1,327,846 | $132,785 | $210,331 | $52,583 |
| Hannahville | TwinSpires | $471,372 | $11,837 | $80,878 | $20,220 |
| Lac Vieux Desert | PointsBet | $414,351 | $52,345 | $57,321 | $14,480 |
| Total | $121,507,586 | $12,091,228 | $22,491,921 | $9,459,886 |
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