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During the entire month of August, Detroit sportsbooks remained open, accumulating a total of $15 million in wagers and generating approximately $2 million in sports betting revenue.
MGM Grand Detroit continues to dominate the Motor City market, much like it did in March when sportsbooks were operational for only five days before the pandemic hit.
The BetMGM Sports Lounge dominated the Detroit handle market with a 48% share, surpassing the FanDuel Sportsbook at MotorCity Casino with 34% and Greektown Casino with 18%.
August 2020 Detroit casino sportsbook revenue
The numbers are broken down as follows:
| Licensee | Handle | Revenue | State Tax | Local Tax |
|---|---|---|---|---|
| MGM Grand | $7,561.607 | $932,601 | $35,252 | $43,086 |
| MotorCity | $5,300,122 | $493,275 | $18,646 | $22,789 |
| Greektown | $2,882,526 | $551,176 | $20,834 | $25,464 |
| Total | $15,744,256 | $1,977,052 | $74,733 | $91,340 |
Although retail sports betting numbers in Michigan are currently behind those of New Jersey’s launch two years ago, there are still compelling factors indicating that Michigan has the potential to become a robust sports betting market.
Nevertheless, due in part to the limitations imposed by the pandemic on casinos, the Detroit gambling market continues to experience a significant decline.
In addition, Michigan is home to six retail sportsbooks situated within tribal casinos throughout the state. However, the tribes are not obligated to furnish monthly figures to the Michigan Gaming Control Board.
How does Michigan sports betting’s ‘first month’ stack up?
In March, despite the majority of sports events facing continuous postponement, Michigan’s three casinos offered sports betting for a brief period of five days. However, during the month of August, both Greektown and MotorCity casinos operated for a total of 27 days, while MGM Grand Detroit remained open for 25 days.
To summarize, there has been approximately one month of recorded retail sports betting. However, it is important to consider the impact of limited sports events in March, capacity restrictions in August, and the overall decrease in revenue.
In June 2018, when New Jersey introduced retail sports betting with three operators, the total amount wagered exceeded $16 million within a span of 17 days. The collective revenue generated by the casinos surpassed $3 million, contributing close to $300,000 in state tax revenue.
Within a fortnight of its November 2018 inauguration, a solitary casino in Pennsylvania managed to accumulate over $1.4 million in wagers at the Hollywood Casino situated near Harrisburg. This significant amount led to a gross revenue surpassing $500,000 and contributed more than $173,000 in state tax revenue.
In its initial month, Detroit managed to generate a handle of just over $16 million, which is quite comparable to New Jersey’s results achieved in a shorter duration. Moreover, Detroit’s launch has outpaced the progress made during Pennsylvania’s smaller-scale debut.
Detroit casino revenue remains down
MGM opened its doors two days after Greektown and MotorCity’s reopening on Aug. 5.
Due to various COVID-19 precautions, including a 15% capacity limitation, the overall casino figures for August 2020 have experienced a significant decline of 42% compared to the same period in 2019.
In August, the total revenue generated from slots and table games in the Detroit casinos amounted to $69.3 million.
In August, MGM experienced a decline of 46% to $28.6 million, while MotorCity also saw a 46% decrease to $28.6 million. Additionally, Greektown witnessed a decline of 41.5% to $15.7 million.
MotorCity held a market share of 36%, whereas Greektown had 23%, leaving MGM with the highest share at 41%.
In August, MGM dominated the sports betting market with a 48% share, surpassing its 41% share in the overall casino market. However, Greektown fell short in sports betting compared to its counterparts. On the other hand, the Penn National Gaming casino captured a significant portion of Detroit’s sports bets, accounting for 18% of the total, while also generating 23% of the city’s casino revenue.
Greektown is making preparations to launch its permanent Barstool Sportsbook right in the heart of the casino floor. The company anticipates that this branded book will revolutionize the industry.
Online betting will surpass retail sportsbooks
In December, when New Jersey had both retail sportsbooks and online sports betting options, approximately 90% of all bets were placed online.
Michigan online gambling is expected to launch around Thanksgiving, according to the most recent estimates. Mark your calendars for a virtual public hearing scheduled on September 23rd.
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