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Can you please rewrite the following sentence? <br><br>Original sentence: “I am going to the store to buy some groceries.”
In May, Michigan sportsbooks maintained their anticipated calmness, with a reported total handle of $356.1 million. Although this marked a 10% decline compared to April, it represented a significant 38% surge compared to May 2021.
Despite a slight decrease from April’s exceptional performance, Michigan’s online casinos and poker sites remained resilient. The revenue generated from internet gaming amounted to $127.4 million, marking a 3.8% decline compared to the record-breaking $132.4 million achieved in the previous month.
Paul Costanzo, lead analyst for PlayInmichigan.com, explained that due to the slow season for sports, it is expected that sports betting numbers have decreased. However, online casinos in the state are still flourishing. Costanzo emphasized that the consistent success of online casinos compensates for the fluctuations in the sports calendar.
May 2024 Michigan sports betting numbers
The following figures represent the key statistics provided by the Michigan Gaming Control Board.
- Total sales: $356.1 million ($333.4 million online)
- The revenue amounted to $35.9 million, with $33.5 million generated from online sources.
- The current hold percentage is 10.1%, which has increased from 8.2% in the previous month.
- The amount of promotional credits totals $11.1 million.
- The handle decreased by 10% month-over-month.
- In terms of sports betting taxes, the state will receive $1.1 million while local entities will receive $694,000.
- FanDuel Sportsbook MI, the leading online sports betting app, has achieved an impressive handle of $99.4 million.
- FanDuel, the leading online sports betting app, generated a staggering $15.2 million in revenue.
May 2024 Michigan online casino revenue
In the month of May, online casinos in Michigan continued to generate impressive figures.
- The revenue from online casinos in May amounted to $127.4 million, reflecting a decrease of 3.8% compared to the previous month of April.
- In May, online casinos made tax payments totaling $23.5 million to the state and $9.8 million to local entities.
- BetMGM Michigan has generated an impressive revenue of $49.2 million, securing its position as the leading online casino app.
Top takeaways from May 2024 Michigan online gambling numbers
Michigan not dipping as much as other states
Although it was anticipated that May would experience a decline in sports betting handle, Michigan’s dip of 10.2% is comparatively better than that of many other states.
Here is a comparison of how other states experienced declines from April to May:
- The state of Indiana has a 14% rate.
- The percentage of Maryland is 14%.
- The percentage of Iowa is 17%.
- The percentage of Mississippi is 18%.
Michigan’s online handle of $333.4 million marks the lowest figure since August of the previous year, just before the NFL season began. Nevertheless, the revenue of $33.5 million is the second-highest in 2024 and the fourth-highest ever recorded in Michigan.
Year-to-year growth very strong
One reason why the May dips should not be a cause for concern is that they still represent a significant increase compared to the same period last year.
Compared to May 2021, the total amount of money wagered on sports has increased by 38%, reaching $257.7 million. Additionally, the revenue generated from sports betting has grown by 69% compared to last year, totaling $21.2 million.
The online gaming industry has witnessed a significant increase in recent years. In comparison to May 2021, the online casino sector experienced a substantial surge, with revenue reaching $127.4 million, marking a 34.2% growth.
iGaming holding strong
In addition to the annual increase, internet gaming remains robust in Michigan.
Michigan had its third-highest online casino revenue month in history, despite a slight decrease from April’s record-breaking performance.
In contrast, only December of 2021 witnessed internet gaming revenue exceeding $121 million. However, all five months of 2024 have already surpassed this milestone.
DraftKings continuing sports betting slide
Throughout the majority of 2021, DraftKings Sportsbook MI had consistently been striving to surpass FanDuel Sportsbook as the leading online provider in Michigan.
While FanDuel emerged victorious in the majority of battles, DraftKings has maintained its stronghold as the second-ranked contender for a long time.
Since the beginning of 2024, DraftKings has witnessed a consistent decline, enabling BetMGM Michigan to secure the second spot for the past three months.
Since 2024, let’s examine the market share of the top three online sportsbooks.
- In January, the market shares were as follows: FanDuel with 26.7%, DraftKings with 26.6%, and BetMGM with 22.3%.
- In February, FanDuel accounted for 30.7% of the market share, while DraftKings held 23.8%, and BetMGM had 21.8%.
- In March, FanDuel accounted for 31.0% of the market share, while DraftKings held 22.8% and BetMGM had 23.9%.
- In April, FanDuel held the largest market share at 31.9%, followed by DraftKings at 21.0%, and BetMGM at 24.2%.
- In May, FanDuel accounted for 29.8% of the market share, while DraftKings held 20.7% and BetMGM had 24.0%.
DraftKings continues to maintain a significant market share of 25% in terms of online handle, making it the second-largest player after FanDuel, which holds 28.1% of the market.
PlayEagle completes first month
In May 2024, PlayEagle Casino & Sports, Michigan’s 15th online sportsbook and internet gaming provider, completed its inaugural month of operation.
During its inaugural month, the online sports betting platform experienced a financial setback as bettors managed to outperform it. Despite generating a handle of $994,747, the overall loss amounted to $14,884. This performance positioned the platform at the 11th spot among Michigan’s internet operators.
In contrast, Parx Sportsbook was the second-to-last to launch before Soaring Eagle’s arrival, and it garnered $1.46 million in online handle during its initial month of operation.
Among internet gaming operators, PlayEagle’s online casino ranked 13th with a revenue of $1.4 million in May.
Michigan May 2024 sports betting handle and revenue by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $103,605,316 | $15,734,476 | 15.2% | $727,336 |
| MGM Grand Detroit | BetMGM | $85,415,532 | $9,021,899 | 10.6% | $328,928 |
| Bay Mills | DraftKings | $69,051,368 | $5,020,855 | 7.3% | $0 |
| Greektown | Barstool | $45,880,178 | $3,456,484 | 7.5% | $226,773 |
| Grand Traverse | Caesars | $27,023,962 | $710,949 | 2.6% | $0 |
| Lac Vieux Desert | PointsBet | $8,626,027 | $852,215 | 9.9% | $0 |
| Little River | BetRIvers | $6,435,050 | $453,924 | 7.1% | $0 |
| Little Traverse Bay | Fox Bet | $2,493,409 | $207,787 | 8.3% | $13,193 |
| Sault Ste. Marie | WynnBet | $2,383,519 | $96,856 | 4.1% | $1,994 |
| Nottawaseppi Huron | FireKeepers | $1,204,416 | $125,610 | 10.4% | $0 |
| Sagniaw Chippewa | Eagle | $994,747 | -$14,884 | -1.5% | $0 |
| Keweenaw Bay | Golden Nugget | $992,950 | $54,002 | 5.4% | $0 |
| Match-E-Be-Nash-She-Wish | Play Gun Lake | $741,065 | $60,534 | 8.2% | $0 |
| Pokagon | Four Winds | $668,106 | $80,814 | 12.1% | $0 |
| Hannahville | TwinSpires | $614,744 | $58,709 | 9.6% | $0 |
| Total | $356,130,390 | $35,920,231 | 10.1% | $1,298,224 |
Michigan May 2024 online casino revenue by operator
| Licensee | Brand | Revenue | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $49,238,654 | $4,923,865 | $8,685,699 | $4,276,377 |
| MotorCity | FanDuel | $20,076,406 | $2,007,641 | $3,541,478 | $1,743,636 |
| Bay Mills | DraftKings | $17,827,598 | $1,779,759 | $3,594,716 | $1,741,191 |
| Little River | BetRivers | $8,855,135 | $885,514 | $1,785,195 | $446,299 |
| Grand Traverse | Caesars | $6,465,549 | $646,555 | $1,303,455 | $325,864 |
| Keweenaw Bay | Golden Nugget | $6,154,354 | $615,435 | $1,240,718 | $310,179 |
| Sault Ste. Marie | WynnBet | $4,137,927 | $413,793 | $834,206 | $208,552 |
| Greektown | Barstool | $3,815,014 | $381,501 | $672,969 | $331,334 |
| Pokagon | Four Winds | $2,818,060 | $281,806 | $519,208 | $129,802 |
| Little Traverse Bay | Fox Bet | $2,462,716 | $246,272 | $462,787 | $115,697 |
| Match-E-Be-Nash-She-Wish | Play Gun Lake | $1,727,616 | $172,762 | $298,532 | $74,633 |
| Nottawaseppi Huron | FireKeepers | $1,436,948 | $143,695 | $227,613 | $56,903 |
| Saginaw Chippewa | Eagle | $1,368,148 | $136,815 | $197,013 | $49,253 |
| Hannahville | TwinSpires | $592,700 | $12,378 | $95,993 | $23,998 |
| Lac Vieux Desert | PointsBet | $408,679 | $42,066 | $58,658 | $14,665 |
| Total | $127,385,503 | $12,689,856 | $23,518,238 | $9,848,382 |
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