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Post-football lull slows betting down to $423.8 million, but online casino revenue reaches $123 million, according to Playinmichigan
In February, Michigan’s online and retail sportsbooks recorded an impressive $425 million in wagers. However, this marked the first decrease in handle since July 2021, as sports betting experienced its anticipated slowdown after the football season. On the other hand, online casinos in the state were not affected by this seasonal trend and achieved a new revenue milestone, surpassing $120 million. These figures were reported by Playinmichigan, a platform that monitors gaming advancements in the state.
According to Paul Costanzo, lead analyst for PlayInmichigan.com, Michigan sportsbooks had a strong start in 2021 and have been experiencing relentless growth since then. He acknowledges that sustaining the rapid growth of the past year may be challenging in the coming year, but he believes that the industry will continue to progress upwards for the foreseeable future.
According to data released by the Michigan Gaming Control Board on Thursday, online sportsbooks in Michigan received $398.4 million in bets in February, experiencing a decline of 19.8% from the previous record of $496.8 million in January. Additionally, the retail wagering at Detroit-area casinos, amounting to $25.4 million, was announced last week. When considering both online and retail sportsbooks, Michigan accumulated $423.8 million in wagering for the month, showing a decrease of 20.4% from the $532.7 million in January.
In spite of the decline in momentum compared to the record-setting pace of January, February witnessed a significant increase of 30.2% in handle from $325.6 million in February 2021. It is worth noting that February 2021 marked the commencement of online sports betting in Michigan, making it the first full month of its operation.
The state’s year-over-year growth has been driven by online sports betting, with a significant increase in online wagers observed in February. The amount of bets placed online in February 2022 saw a surge of 32% compared to the $301.9 million wagered in February 2021.
Since the inception of legal sports betting in 2020, Michigan’s sportsbooks have accumulated a total of $5.1 billion in wagers, resulting in an impressive revenue of nearly $400 million.
In February, online sportsbooks saw a significant increase in gross revenue, generating $22.5 million, a rise of 137.6% compared to the $9.5 million earned in February 2021. However, this figure was lower than the $34.7 million generated in January. When combined with a loss of $896,939 in retail revenue, Michigan’s sportsbooks recorded a total win of $21.6 million for the month. After deducting $26.5 million in promotional credits, both retail and online sportsbooks ended up with a loss of $4.8 million in taxable revenue, resulting in only $581,548 in taxes collected.
Compared to both January and March, February is typically a less active month for sportsbooks. While the Super Bowl attracts a large number of bettors and receives significant promotion from sportsbooks, it is only a single game. Ultimately, it cannot compete with a month filled with NFL playoff games or the three-week NCAA Tournament, which provides 67 games to bet on from beginning to end.
Eric Ramsey, an analyst for the PlayUSA.com Network, including PlayInmichigan.com, anticipates a relatively sluggish period for sportsbooks between the Super Bowl and March Madness. However, Ramsey believes that the NCAA Tournament has the potential to reignite betting, surpassing the $500 million mark. If Michigan or Michigan State manages to achieve an unexpected triumph, the wagering activity could even soar higher.
In terms of online bets, FanDuel emerged as the top operator by attracting $122.4 million, which is a decrease from the $132.7 million recorded in January. Additionally, FanDuel generated $4.4 million in gross revenue from these bets when combined with its retail sportsbook. On the other hand, DraftKings secured the second position in the online market with $94.7 million in bets, experiencing a decline from the $132.0 million achieved in January. DraftKings managed to accumulate $4 million in gross revenue from these bets.
In February, BetMGM experienced a decrease in online wagers, with a total of $86.7 million compared to $110.9 million in January. However, when considering both its online and retail sportsbooks, BetMGM emerged as the top earner in the state, generating a gross revenue of $5.8 million.
Ramsey stated that the baseball lockout was the primary worry for sportsbooks as it is the primary draw for bettors during the typically sluggish summer period. However, now that the lockout has come to an end, Michigan’s sportsbook operators can anticipate the first regular sports year since the state legalized sports betting.
Online casinos and poker platforms
In February, Michigan’s online casinos and poker rooms achieved a remarkable revenue of $122.8 million, surpassing the previous record of $121.8 million set in December. It is noteworthy that this achievement occurred despite the month having three fewer days. The daily revenue in February reached an impressive $4.4 million, a significant increase from the $3.9 million generated per day in both January and December.
In February, the state taxes and fees collected amounted to $21.6 million in revenue.
According to Costanzo, it wouldn’t come as a surprise if Michigan outperformed New Jersey and Pennsylvania to claim the top spot as the largest online casino market in the United States by the year’s end. He emphasized that online casinos consistently generate substantial revenue, and their significance to the state budget will continue to expand.
MI online sports betting revenue, February 2022
| Licensee | Online Brand | Total Handle | Online Handle | Retail Handle | Revenue (GGR) | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|---|---|---|
| MotorCity | FanDuel | $126,825,828 | $122,402,376 | $4,423,452 | $4,387,579 | $3,067,765 | $101,145 | $64,850 |
| Bay Mills | DraftKings | $94,693,960 | $94,693,960 | ? | $4,000,114 | $11,115,378 | $0 | $0 |
| MGM Grand Detroit | BetMGM | $91,823,377 | $86,658,217 | $5,165,160 | $5,791,031 | $5,863,687 | $6,023 | $3,861 |
| Greektown | Barstool | $46,119,895 | $30,335,032 | $15,784,862 | $4,212,766 | $465,270 | $237,824 | $152,482 |
| Grand Traverse | Caesars | $35,283,067 | $35,283,067 | ? | $1,682,832 | $4,216,217 | $0 | $0 |
| Lac Vieux Desert | PointsBet | $10,783,875 | $10,783,875 | ? | $717,523 | $717,866 | $0 | $0 |
| Little River | BetRivers | $6,067,485 | $6,067,485 | ? | $188,533 | $324,940 | $0 | $0 |
| Little Traverse Bay | Fox Bet | $2,959,175 | $2,959,175 | ? | $90,414 | $109,843 | $0 | $0 |
| Sault Ste. Marie | WynnBet | $2,823,945 | $2,823,945 | ? | $185,386 | $21,552 | $13,762 | $0 |
| Nottawaseppi Huron | FireKeepers | $1,763,646 | $1,763,646 | ? | $97,537 | $97,732 | $0 | $0 |
| Match-E-Be-Nash-She-Wish | Play Gun Lake | $1,669,968 | $1,669,968 | ? | $243,584 | $392,225 | $0 | $0 |
| Hannahville | TwinSpires | $1,250,046 | $1,250,046 | ? | $32,517 | $95,828 | $0 | $0 |
| Keweenaw Bay | Golden Nugget | $886,420 | $886,420 | ? | $72,695 | $53,641 | $1,601 | $0 |
| Pokagon | Four Winds | $817,694 | $817,694 | ? | -$69,041 | -$86,781 | $0 | $0 |
| Total | $423,768,381 | $398,394,907 | $25,373,474 | $21,633,471 | $26,455,163 | $360,354 | $221,194 |
MI online casino revenue, February 2022
| Licensee | Brand | Revenue | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $46,883,965 | $4,688,397 | $8,270,331 | $4,071,872 |
| Bay Mills | DraftKings | $20,111,744 | $2,011,174 | $4,054,528 | $1,013,632 |
| MotorCity | FanDuel | $19,477,948 | $1,947,795 | $3,435,910 | $1,691,660 |
| Little River | BetRivers | $7,869,999 | $787,000 | $1,461,997 | $365,499 |
| Keweenaw Bay | Golden Nugget | $5,740,290 | $574,029 | $959,090 | $239,772 |
| Grand Traverse | Caesars | $4,572,807 | $457,281 | $724,735 | $181,184 |
| Sault Ste. Marie | WynnBet | $4,452,628 | $445,263 | $717,850 | $179,463 |
| Greektown | Barstool | $3,641,899 | $364,190 | $504,767 | $257,300 |
| Little Traverse Bay | Fox Bet | $2,628,928 | $262,893 | $397,204 | $99,301 |
| Pokagon | Four Winds | $2,486,293 | $248,629 | $361,402 | $90,350 |
| Match-E-Be-Nash-She-Wish | Play Gun Lake | $2,430,439 | $243,044 | $353,306 | $88,326 |
| Nottawaseppi Huron | FireKeepers | $1,066,976 | $106,698 | $153,644 | $38,411 |
| Hannahville | TwinSpires | $833,500 | $54,700 | $124,608 | $31,152 |
| Lac Vieux Desert | PointsBet | $578,509 | $27,441 | $88,171 | $22,043 |
| Total | $122,775,924 | $12,218,533 | $21,607,543 | $8,369,966 |
To access additional details and in-depth analysis on regulated sports betting in Michigan, please visit PlayInmichigan.com/news. For any inquiries, you can reach out to Zack Hall at Catena Media via email: [email protected]
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