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Online casinos show continued strength with $130 million in revenue in March, according to Playinmichigan
According to Playinmichigan, the month of March saw an unprecedented surge in sports wagers, both online and retail, surpassing $475 million. This record-breaking figure was achieved despite the absence of NFL games during the month. Additionally, online casino revenue exceeded $130 million for the first time, indicating that this sector continues to experience rapid growth in the state.
According to Paul Costanzo, the lead analyst for PlayInmichigan.com, the NCAA Tournament’s immense popularity establishes March as the most significant non-football month for sportsbooks. Although March Madness didn’t generate sufficient momentum to set new records for sportsbooks, it serves as further proof that bettors remain deeply involved during major events.
According to the Michigan Gaming Control Board, online sportsbooks in Michigan experienced a 13.4% increase in online bets in March, totaling $451.6 million. This is compared to the $398.4 million in bets accepted in February. Additionally, retail wagering at Detroit-area casinos amounted to $26.4 million, resulting in a combined total of $478.0 million in wagering for the month. This represents a 12.8% increase from the $423.8 million wagered in February. It is worth noting that the highest record for a month was established in January, with $532.7 million in wagers.
In March, online sportsbooks recorded a significant increase in gross revenue, reaching $30.5 million. This figure represents a 35.4% growth compared to February’s $22.5 million. However, it is a decline of 5.6% when compared to March 2021’s $32.3 million. When adding the $2.0 million earned from retail revenue, Michigan’s sportsbooks collectively obtained $32.4 million for the month. After accounting for promotional credits, both retail and online sportsbooks generated $16.6 million in taxable revenue, resulting in $967,314 in taxes.
Despite bettors winning more than the previous year, the industry’s growth has remained strong. In March, wagers increased by 24.6% compared to March 2021, reaching $383.7 million. Online sportsbooks saw the greatest improvement, with a 25.6% increase in wagers, totaling $359.5 million in March 2021.
According to Eric Ramsey, an analyst for the PlayUSA.com Network, including PlayInmichigan.com, the decline in sports betting typically starts after the initial complete weekend of March Madness. This slowdown is expected to continue until the start of football season in September. Ramsey believes that if sportsbooks can maintain a year-over-year growth of approximately 25% or higher during the NBA and NHL playoffs, baseball season, and major golf tournaments over the coming months, the industry will be in an excellent position leading into the autumn.
In March, FanDuel continued to dominate the online market, surpassing its previous revenue of $122.4 million in February and reaching an impressive $140.1 million. Additionally, when combining its retail sportsbooks, FanDuel achieved a substantial gross revenue of $14.0 million from bets placed. Following closely, BetMGM secured the second position in the state with $108.1 million in online wagers, a notable increase from its February revenue of $86.7 million. When considering its retail sportsbooks as well, BetMGM recorded a gross revenue of $9.8 million.
In March, DraftKings recorded a surge in online bets, reaching $102.9 million compared to $94.7 million in February. Additionally, the company managed to generate $3.3 million in gross revenue from both its online and retail bets.
“The competition for market dominance has become stronger, and it would require something substantial to dethrone the leading contenders,” stated Ramsey. “FanDuel’s firm hold on the market seems unquestionable. However, the battle for the second position remains captivating as BetMGM continues to experience steady growth.”
Online casinos and poker games have gained immense popularity in recent years.
In March, the revenue of Michigan’s online casinos and poker rooms soared to $131.7 million, surpassing the previous record of $122.8 million achieved in February. This remarkable achievement signifies the third instance in the past four months where online casino revenue has hit an all-time high.
In March, online casinos brought in a daily revenue of $4.2 million, showing a slight decline from the previous month’s record of $4.4 million per day. State taxes and fees for March reached $33.1 million, contributing to a total of $368.9 million in taxes and fees generated by online casinos since their launch in 2021.
According to Costanzo, online casinos are not influenced by seasonal fluctuations like sports betting, hence they are expected to consistently generate substantial revenue during the summer. He further mentioned that Michigan has achieved remarkable success in generating tax revenue through online casino gaming, and it is surprising that more states have not adopted the approach of legalizing and regulating it.
Other noteworthy events that took place in February include:
- BetMGM emerged as the top performer among online casino and poker operators, generating a commendable $47.9 million in gross gaming revenue. This success resulted in a significant contribution of $12.6 million in state and local taxes.
- FanDuel came in second place, generating $22.5 million in gross receipts and contributing $5.9 million in state and local taxes.
MI online sports betting revenue, March 2024
| Licensee | Online Brand | Total Handle | Online Handle | Retail Handle | Revenue (GGR) | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|---|---|---|
| MotorCity | FanDuel | $145,109,265 | $140,139,697 | $4,969,568 | $13,994,154 | $4,604,420 | $537,029 | $360,100 |
| MGM Grand Detroit | BetMGM | $113,772,505 | $108,085,322 | $5,687,184 | $9,831,840 | $4,743,753 | $287,727 | $196,456 |
| Bay Mills | DraftKings | $102,919,161 | $102,919,161 | ? | $3,324,940 | $2,459,646 | $0 | $0 |
| Greektown | Barstool | $45,331,583 | $29,633,031 | $15,698,552 | $1,083,421 | $384,678 | $27,131 | $31,991 |
| Grand Traverse | Caesars | $38,838,630 | $38,838,630 | ? | $2,037,407 | $1,982,914 | $0 | $0 |
| Lac Vieux Desert | PointsBet | $11,607,079 | $11,607,079 | ? | $979,519 | $640,723 | $0 | $0 |
| Little River | BetRivers | $7,243,997 | $7,243,997 | ? | $351,814 | $322,246 | $0 | $0 |
| Little Traverse Bay | Fox Bet | $3,467,409 | $3,467,409 | ? | $251,636 | $172,585 | $0 | $0 |
| Sault Ste. Marie | WynnBet | $2,514,642 | $2,514,642 | ? | $94,313 | $42,660 | $4,339 | $0 |
| Nottawaseppi Huron | FireKeepers | $2,497,181 | $2,497,181 | ? | -$12,907 | $87,632 | $0 | $0 |
| Match-E-Be-Nash-She-Wish | Play Gun Lake | $1,433,690 | $1,433,690 | ? | $138,777 | $181,597 | $0 | $0 |
| Keweenaw Bay | Golden Nugget | $1,346,995 | $1,346,995 | ? | $311,732 | $49,837 | $21,999 | $0 |
| Hannahville | TwinSpires | $996,002 | $996,002 | ? | $26,685 | $20,057 | $0 | $0 |
| Pokagon | Four Winds | $889,809 | $889,809 | ? | $31,802 | $160,615 | $0 | $0 |
| Total | $477,967,947 | $451,612,644 | $26,355,304 | $32,445,133 | $15,853,362 | $878,225 | $588,547 |
MI online casino revenue, March 2024
Online gaming
| Licensee | Brand | Revenue | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $47,892,742 | $4,789,274 | $8,448,280 | $4,159,485 |
| MotorCity | FanDuel | $22,471,210 | $2,247,121 | $3,963,921 | $1,951,625 |
| Bay Mills | DraftKings | $20,748,960 | $2,074,896 | $4,182,990 | $1,045,748 |
| Little River | BetRivers | $9,669,864 | $966,986 | $1,949,445 | $487,361 |
| Keweenaw Bay | Golden Nugget | $6,000,895 | $600,089 | $1,186,694 | $296,674 |
| Greektown | Barstool | $5,221,751 | $522,175 | $822,750 | $411,352 |
| Sault Ste. Marie | WynnBet | $4,891,808 | $489,181 | $915,297 | $228,824 |
| Grand Traverse | Caesars | $4,457,557 | $445,756 | $804,894 | $201,224 |
| Pokagon | Four Winds | $2,774,405 | $277,441 | $439,466 | $109,866 |
| Little Traverse Bay | Fox Bet | $2,606,888 | $260,689 | $412,931 | $103,233 |
| Match-E-Be-Nash-She-Wish | Play Gun Lake | $2,336,845 | $233,685 | $370,156 | $92,539 |
| Nottawaseppi Huron | FireKeepers | $1,110,085 | $111,008 | $159,852 | $39,963 |
| Hannahville | TwinSpires | $750,270 | $20,275 | $116,799 | $29,200 |
| Lac Vieux Desert | PointsBet | $740,374 | $56,479 | $109,423 | $27,356 |
| Total | $131,673,653 | $13,095,055 | $23,882,899 | $9,184,448 |
To access further details and insights regarding regulated sports betting in Michigan, kindly explore PlayInmichigan.com/news.
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