.
Please rewrite your request and provide more context so that I can assist you better.
In October, the combination of a complete month of NFL action and the revival of the Big Ten greatly contributed to the smashing of records in Michigan sports betting. The three casinos in Detroit amassed an impressive $46.1 million in sports bets.
On Tuesday, the Michigan Gaming Control Board disclosed that Greektown Casino, MGM Grand Detroit, and MotorCity Casino collectively generated a remarkable $7.6 million in revenue from sports betting.
In September, the number of sports bets placed in Detroit increased by 38% compared to the previous record of $33.5 million. Since the launch of retail sports betting in March, the total amount wagered on sports in Detroit has reached close to $96 million.
This year, the tax revenue generated from sports betting in Detroit has amounted to $531,316.05, contributing to Michigan’s overall earnings. Additionally, the city of Detroit has collected $649,386.28 in taxes.
In March, sports betting commenced at three retail sportsbooks in Detroit. Furthermore, 11 tribal casinos across the state have also introduced sportsbooks, although they are not obliged to provide their statistics to the MGCB.
Michigan is set to soon witness the launch of online sports betting. For more updates, be sure to visit our live blog.
MGM still leads the way in Motown
With a $20.9 million handle, MGM’s BetMGM Sports Lounge once again dominated the market, accounting for 45% of all bets placed. Following closely was FanDuel Sportsbook at MotorCity Casino, with $15.3 million in sports bets, representing 33% of the total handle. The Greektown Sportsbook secured the third position, accumulating $9.9 million in wagers, which accounted for 21% of the handle.
| Licensee | Handle | Revenue | State Tax | Local Tax |
|---|---|---|---|---|
| MGM Grand | $20,937,944 | $3,713,953 | $140,387 | $171,585 |
| MotorCity | $15,275,774 | $2,197,485 | $83,065 | $101,524 |
| Greektown | $9,907,106 | $1,685,535 | $63,713 | $77,872 |
| Grand Traverse | ? | ? | $0 | $0 |
| Hannahville | ? | ? | $0 | $0 |
| Little River | ? | ? | $0 | $0 |
| Little Traverse Bay | ? | ? | $0 | $0 |
| Match-E-Be-Nash-She-Wish | ? | ? | $0 | $0 |
| Nottawaseppi Huron | ? | ? | $0 | $0 |
| Pokagon | ? | ? | $0 | $0 |
| Total | $46,120,824 | $7,596,972 | $287,166 | $350,980 |
The year-to-date figures aligned nicely with the numbers, indicating that the market has currently stabilized.
MGM dominates the market with a handle of $43.7 million, accounting for 46% of the total. MotorCity secures the second position with $33.6 million in bets, representing 35%, while Greektown captures 20% of the market with $18.7 million in bets.
The launch of Greektown’s permanent Barstool Sportsbook, scheduled for this month, has the potential to change things, as could online sports betting.
MGM leads overall casino revenue, too
The three casinos collectively generate $101.4 million in terms of total casino revenue, reflecting a decline of 18.9% compared to October 2019. Due to the pandemic, the casinos are currently operating at only 15% of their full capacity.
MGM Grand Detroit maintained its lead with $37.8 million in revenue, marking a 22.7% decline compared to the previous year. Following closely was MotorCity with $36.3 million, while Greektown reported gaming revenue of $19.7 million.
In October, the three Detroit casinos contributed $7.6 million in taxes to the state, which is a decrease from the $9.4 million they paid during the same month last year. Additionally, these casinos also fulfilled their obligation of paying $11.2 million in taxes and development agreement payments to the city of Detroit.
Furthermore, during its routine meeting on Tuesday morning, the MGCB granted the three casinos the renewal of their licenses for an additional year.
Fantasy contests raised record $3 million in September
In September, fantasy contests generated over $3 million in monthly revenue, resulting in a remarkable tax revenue of $253,448.97 for the state – a record-breaking achievement.
Since becoming Michigan taxpayers earlier this year, DraftKings has consistently surpassed rival FanDuel in terms of revenue on a monthly basis.
DraftKings generated $1.6 million in revenue and fulfilled their tax obligations by paying more than $135,000. Similarly, FanDuel achieved $1.2 million in revenue and, for the first time, made a monthly tax contribution exceeding $100,000.
Fantasy Football Players Championship maintained its third position, generating over $95,000 in revenue and paying $8,000 in taxes.
Fantasy contests generated revenue exceeding $10.2 million in the year 2020, contributing over $850,000 in taxes.
Please rewrite your request or provide more information for me to assist you further.
Related Articles
Can you please rephrase this for me?