“The dog ran quickly and jumped over the fence.”
In contrast to the consistent sports betting handle observed over the past three months at the Detroit casinos, the figures for May experienced a decline of 17% compared to April.
In May, Greektown Casino, MGM Grand Detroit, and MotorCity Casino collectively received $20.2 million in sports bets. This marked a deviation from their previous trend of consistently reaching around $24 million for three consecutive months.
After its public meeting on Tuesday, the May sports betting numbers were released by the Michigan Gaming Control Board.
Barstool Sportsbook first to worst; BetMGM climbs to top
In the competition to become the city’s most popular retail sportsbook, the rankings for the May order completely reversed compared to April. The casino with the lowest amount of bets placed now rose to the top spot, while the previous leader fell to last place.
The Barstool Sportsbook at Greektown, which held the top position for two months, dropped to third place in terms of handle. It garnered $5.8 million in bets, accounting for a 28.6% market share. The leading position was claimed by the BetMGM Sportsbook, which received $7.9 million in bets, representing a 39.4% share. The FanDuel Sportsbook at MotorCity Casino secured the second spot with $6.5 million in bets, making up a 32.1% share.
| Licensee | Retail Handle | Revenue (GGR) | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|
| MGM Grand | $7,948,435 | $402,820 | $597 | $15,204 | $18,610 |
| MotorCity | $6,474,139 | $729,905 | $20,109 | $26,830 | $32,793 |
| Greektown | $5,774,302 | $636,547 | $0 | $24,061 | $29,408 |
| Total | $20,196,877 | $1,769,271 | $20,706 | $66,096 | $80,784 |
MotorCity is currently in the lead for the year-to-date race, having accumulated $46.6 million in wagers, which accounts for a market share of 36.4%. Following closely behind is Greektown with $41.4 million in wagers, representing a market share of 32.3%. MGM Grand trails behind in third place with $40.1 million in wagers, capturing a market share of 31.3%.
Detroit casinos have accumulated a total of $128.2 million in sports bets this year, coming close to matching the $130.8 million figure from the sector’s inaugural year in 2020. However, it’s important to note that the year 2020 witnessed a March launch, a prolonged shutdown of almost five months due to the pandemic, and subsequently restricted capacity in Detroit casinos for the majority of the football season.
In addition to on-site sports betting at tribal casinos throughout the state, the MGCB does not report the corresponding figures. Starting from January 2021, online wagers have also been incorporated into Michigan’s sports betting scene. As of April, a staggering $1.03 billion has been wagered on sports through online platforms in Michigan.
Sports betting revenue, tax payments up from April
In April, the casinos’ gross receipts from sports betting amounted to $1.5 million. However, in the latest report, it was revealed that these figures have increased to $1.8 million.
In May, the Detroit casinos saw an increase in their tax payments. They paid a total of $66,096 in retail sports betting taxes to the state, while also reporting a tax submission of $80,784 to the city of Detroit. These figures reflect an improvement compared to the previous month of April.
On June 1, the mask requirement for fully vaccinated individuals at Detroit casinos was lifted.
MGM Grand Detroit accounted for 42% of the total revenue generated by the casinos, amounting to $109.7 million. MotorCity held a market share of 36%, while Greektown earned a 22% share.
In May 2020, the revenue plummeted to $109.7 million, marking a significant decrease of 12.8% compared to May 2019. It’s worth noting that this decline occurred during a period when the Detroit casinos were temporarily shut down due to pandemic restrictions.
DraftKings again leads fantasy contests revenue
In addition to reporting revenue and taxes from other sources, the MGCB also provided information on fantasy contest operator revenue and taxes for the month of April. It is important to note that the reporting for fantasy contest numbers lags behind other revenue sources by one month.
A total of $1.5 million in revenue was generated, including $124,727 in state tax revenue. DraftKings emerged as the frontrunner with $784,302 in revenue for April, accounting for a market share of 52.8%. FanDuel secured the second position, earning $675,118 with a market share of 45.5%.
In 2021, fantasy contests generated a total revenue of $5.7 million until April, resulting in tax payments of $480,199.
Resolution removes red tape for some non-gaming vendors
During the meeting held on Tuesday, the MGCB passed a resolution permitting businesses to engage in non-gaming transactions worth up to $100,000 with Detroit casinos within a span of 12 months, without having to inform the board. Additionally, the MGCB will now extend longer, five-year licensing exemptions to vendors involved in non-gaming activities.
According to a news release by Henry Williams, executive director of the MGCB, the recent 4-0 Board vote has expanded opportunities for small businesses to offer services such as food and beverages, snow removal, or laundry services to Detroit casinos without having to disclose information to the MGCB. Additionally, non-gaming vendors who are already registered for internet casino gaming or online sports betting can now provide up to $400,000 worth of goods and services to each Detroit casino without the need for extra paperwork.
Last month, Williams assumed the role of executive director and was now attending his inaugural regular meeting.
Can you please rephrase the following sentence for me?
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Can you please rewrite the following statement for me? <br><br>Original: “I am sorry, but I cannot attend the meeting tomorrow.”