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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 a record-breaking statewide handle of over $475 million in online and retail sports wagers during March Madness, surpassing any other month without NFL games. Additionally, online casino revenue exceeded $130 million for the first time, indicating the continuous rapid growth of this segment.
According to Paul Costanzo, the lead analyst for PlayInmichigan.com, the NCAA Tournament’s immense popularity makes March the most crucial month for sportsbooks, excluding football. While March Madness did not generate enough momentum to set new records for sportsbooks, it serves as further proof that bettors remain actively involved during significant events.
In March, online sportsbooks in Michigan experienced a surge in bets, as they attracted $451.6 million. This marked a 13.4% increase compared to the $398.4 million in bets accepted in February, according to the Michigan Gaming Control Board. Additionally, Detroit-area casinos saw $26.4 million in retail wagering, bringing the total wagering for the month, combining both online and retail sportsbooks, to $478.0 million. This represented a 12.8% increase from February’s $423.8 million. It is worth noting that the highest monthly record was achieved in January, with $532.7 million in wagers.
In March, online sportsbooks recorded a significant increase in gross revenue, amounting to $30.5 million. This figure reflects a 35.4% rise compared to February’s earnings of $22.5 million. However, it is a slight decline of 5.6% when compared to March 2021’s revenue of $32.3 million. Additionally, retail revenue contributed $2.0 million to the overall earnings, resulting in a total of $32.4 million for Michigan’s sportsbooks. After accounting for promotional credits, both retail and online sportsbooks generated $16.6 million in taxable revenue, which led to $967,314 in taxes.
Despite bettors winning more than a year ago, the industry has experienced remarkable year-over-year growth. In March, there was a significant increase in wagers, with a 24.6% rise from $383.7 million in March 2021. Online sportsbooks performed exceptionally well, witnessing a 25.6% surge in wagers from $359.5 million in March 2021.
Eric Ramsey, an analyst for the PlayUSA.com Network, including PlayInmichigan.com, mentioned that the decline in sports betting typically starts after the first complete weekend of March Madness. This slowdown is expected to last until football season begins 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 championships in the coming months, the industry will be in a great position leading into the fall.
In March, FanDuel dominated the online market, generating a staggering $140.1 million, showing a significant increase from $122.4 million in February. Furthermore, when combined with their retail sportsbooks, FanDuel achieved a remarkable $14.0 million in gross revenue from bets placed during the month. BetMGM secured the second position in the state, with online wagers amounting to $108.1 million, up from $86.7 million in February. Alongside their retail sportsbooks, BetMGM earned $9.8 million in gross revenue.
In March, DraftKings experienced a surge in online bets, reaching $102.9 million compared to $94.7 million in February. As a result, the company generated $3.3 million in gross revenue from both its online and retail bets.
Ramsey stated that the competition for market dominance has become firm, and it would require a significant event to dethrone the current leaders. FanDuel’s supremacy, in particular, seems unshakeable. However, the battle for second place is still captivating, especially considering BetMGM’s ongoing expansion.
Online casinos and poker
Michigan’s online casinos and poker rooms are experiencing a tremendous surge in revenue, with March earnings skyrocketing to $131.7 million. This achievement breaks the previous record of $122.8 million set in February. Notably, this is the third instance in the last four months where online casino revenue has reached an all-time high.
In March, online casinos managed to generate a daily revenue of $4.2 million, which was a slight decrease from the previous month’s record of $4.4 million per day in February. The state collected a total of $33.1 million in taxes and fees from the revenue generated in March, contributing to the overall sum of $368.9 million in taxes and fees generated by online casinos since their launch in 2021.
According to Costanzo, online casinos remain unaffected by seasonal fluctuations in comparison to sports betting, making them capable of consistently generating substantial revenue during the summer. He also points out the remarkable success of Michigan in leveraging tax revenue from online casino gaming, questioning why more states have not embraced its legalization and regulation.
Other highlights from February:
- BetMGM emerged as the top online casino and poker operator, generating an impressive $47.9 million in gross gaming revenue. This successful performance resulted in a substantial contribution of $12.6 million in state and local taxes.
- FanDuel earned $22.5 million in gross receipts, resulting in $5.9 million in state and local taxes, securing the second position.
MI online sports betting revenue, March 2022
| 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 2022
igaming
| 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 gain further insights and analysis pertaining to regulated sports betting in Michigan, please visit PlayInmichigan.com/news.
