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Online sports betting industry enters seasonal slowdown while online casinos set another monthly revenue record, according to Playinmichigan
In April, the total amount wagered by online and retail sportsbooks in Las Vegas was less than $400 million. This marks the beginning of a seasonal decline that will continue until football season kicks off. However, the news for April was mostly positive, as sports betting experienced substantial growth compared to the previous year. Additionally, online casinos showcased their strength by generating record revenue of over $132.4 million. These figures were reported by Playinmichigan, an organization that monitors gaming trends in the state.
Paul Costanzo, lead analyst for PlayInmichigan.com, stated that the absence of football and the majority of the NCAA Tournament in April resulted in a natural decline in sports betting. He emphasized the significance of online casino revenue for both operators and the state, highlighting its consistent monthly contribution.
According to data released by the Michigan Gaming Control Board on Tuesday, bettors in Michigan placed $371.2 million in wagers at online sportsbooks in April. This marked a significant increase of 48.6% compared to the $249.9 million in bets placed in April 2021. However, there was a decrease of 17.8% from the $451.6 million in bets placed in March. In addition to this, there was $24.8 million in retail wagering at Detroit-area casinos, bringing the total wagering in Michigan’s online and retail sportsbooks to $396.0 million in April. This represented a growth of 44.4% compared to the $274.2 million in wagers placed in April 2021.
In the previous month, online sportsbooks recorded a significant increase in gross revenue, amounting to $30.7 million. This figure represents a 50.5% surge compared to the $20.4 million earned in April 2021. Additionally, it slightly surpassed the $30.5 million revenue generated in March. When combined with the $1.9 million retail revenue, Michigan’s sportsbooks achieved a total of $32.6 million for the month. After accounting for promotional credits, the taxable revenue from both retail and online sportsbooks amounted to $18.6 million, resulting in $1.1 million in state and local taxes.
According to Costanzo, the current struggles of all four major professional franchises in the Detroit area are negatively impacting the amount of betting taking place. He mentioned that the NBA Playoffs, the Final Four, and the initial month of baseball provided some interest for bettors in April, but the availability of such events will decrease during the summer months. Additionally, if the Tigers continue to experience a significant number of losses, it will further contribute to a decline in the betting market.
In April, FanDuel emerged as the leader in both online and retail sportsbooks, recording $118.4 million in wagers, a decline from the $140.1 million figure in March. These wagers resulted in a gross revenue of $15.6 million. Meanwhile, BetMGM secured the second position in the state, amassing $89.7 million in online wagers, down from $108.1 million in March. BetMGM’s gross revenue from bets made last month amounted to $7.3 million.
In terms of online bets, DraftKings experienced a decline from $102.9 million in March to $78.1 million, securing the third position. Additionally, DraftKings generated a gross revenue of $3.8 million from its online bets.
In April, the attention of sportsbooks starts to shift. Although football brings in a substantial amount of bets and opens up the possibility of attracting new customers, sports such as golf and baseball tend to yield higher profits per dollar wagered for sportsbooks.
Eric Ramsey, an analyst for the PlayUSA.com Network, including PlayInmichigan.com, pointed out that operators can increase their winning percentage with bets like baseball parlay betting and major golf tournaments, despite a decrease in overall betting activity. In contrast, during football season, operators faced intense competition and had to heavily promote their services to attract new customers due to the widespread popularity of football.
Online casinos and poker games
In April, the popularity of Michigan’s online casinos and poker rooms witnessed a remarkable surge, resulting in an unprecedented revenue of $132.4 million. This figure surpassed the previous record of $131.7 million generated in March by 0.5%. Comparing year-over-year, online casino revenue experienced an impressive growth of 39.5% from $94.9 million in April 2021.
In April, online casinos recorded a daily revenue of $4.4 million, an increase from the $4.2 million per day in March. Consequently, the total revenue for April amounted to $33.6 million, which was contributed as state taxes and fees.
Ramsey stated that based on the first four months of the year, it is evident that Michigan’s online gaming industry still has a long way to go before reaching its maximum potential. Despite challenges faced by the overall economy, the industry is expected to sustain its growth throughout the rest of the year and possibly beyond.
In addition to the aforementioned, here are some other notable events that took place in April:
- With $50.0 million in gross gaming revenue, BetMGM emerged as the top performer among online casino and poker operators, resulting in $13.2 million in state and local taxes.
- FanDuel earned $21.0 million in gross receipts, securing the second position. This resulted in a contribution of $5.5 million in state and local taxes.
MI online sports betting revenue, April 2022
| Licensee | Online Brand | Total Handle | Online Handle | Retail Handle | Revenue (GGR) | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|---|---|---|
| MotorCity | FanDuel | $123,355,677 | $118,409,389 | $4,946,288 | $16,195,416 | $4,080,485 | $700,748 | $461,432 |
| MGM Grand Detroit | BetMGM | $94,456,412 | $89,711,994 | $4,744,418 | $7,695,507 | $3,873,722 | $216,208 | $147,527 |
| Bay Mills | DraftKings | $78,053,853 | $78,053,853 | ? | $3,848,113 | $2,092,815 | $0 | $0 |
| Greektown | Barstool | $46,418,114 | $31,323,134 | $15,094,980 | $2,034,563 | $319,404 | $81,689 | $72,418 |
| Grand Traverse | Caesars | $26,551,283 | $26,551,283 | ? | $1,169,963 | $2,232,525 | $0 | $0 |
| Lac Vieux Desert | PointsBet | $10,223,738 | $10,223,738 | ? | $842,100 | $537,680 | $0 | $0 |
| Little River | BetRivers | $6,543,431 | $6,543,431 | ? | $261,748 | $260,814 | $0 | $0 |
| Little Traverse Bay | Fox Bet | $2,599,239 | $2,599,239 | ? | $215,312 | $57,995 | $11,325 | $0 |
| Sault Ste. Marie | WynnBet | $2,435,437 | $2,435,437 | ? | $190,930 | $134,380 | $4,750 | $0 |
| Nottawaseppi Huron | FireKeepers | $1,422,648 | $1,422,648 | ? | -$22,050 | $94,300 | $0 | $0 |
| Hannahville | TwinSpires | $1,154,696 | $1,154,696 | ? | $48,744 | $5,363 | $0 | $0 |
| Keweenaw Bay | Golden Nugget | $1,070,460 | $1,070,460 | ? | -$36,064 | $37,886 | $0 | $0 |
| Match-E-Be-Nash-She-Wish | Play Gun Lake | $944,224 | $944,224 | ? | $118,150 | $159,364 | $0 | $0 |
| Pokagon | Four Winds | $493,334 | $493,334 | ? | $27,513 | $110,379 | $0 | $0 |
| Saginaw Chippewa | Eagle | $287,273 | $287,273 | ? | $40,547 | $64,431 | $0 | $0 |
| Total | $396,009,819 | $371,224,133 | $24,785,686 | $32,630,491 | $14,061,543 | $1,014,720 | $681,377 |
MI online casino revenue, April 2022
| Licensee | Brand | Revenue | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $49,983,301 | $4,998,330 | $8,817,054 | $4,341,050 |
| MotorCity | FanDuel | $21,027,925 | $2,102,793 | $3,709,326 | $1,826,275 |
| Bay Mills | DraftKings | $19,412,955 | $1,941,296 | $3,913,652 | $978,413 |
| Little River | BetRivers | $8,867,541 | $886,754 | $1,787,696 | $446,924 |
| Keweenaw Bay | Golden Nugget | $6,234,209 | $623,421 | $1,256,816 | $314,204 |
| Grand Traverse | Caesars | $5,860,151 | $586,015 | $1,181,407 | $295,352 |
| Greektown | Barstool | $5,201,136 | $520,114 | $917,480 | $451,719 |
| Sault Ste. Marie | WynnBet | $4,402,452 | $440,245 | $887,534 | $221,884 |
| Pokagon | Four Winds | $3,070,583 | $307,058 | $509,924 | $127,481 |
| Little Traverse Bay | Fox Bet | $2,706,536 | $270,654 | $459,867 | $114,967 |
| Match-E-Be-Nash-She-Wish | Play Gun Lake | $2,013,156 | $201,316 | $320,846 | $80,212 |
| Nottawaseppi Huron | FireKeepers | $1,347,794 | $134,779 | $197,341 | $49,335 |
| Lac Vieux Desert | PointsBet | $986,290 | $60,045 | $148,199 | $37,050 |
| Hannahville | TwinSpires | $925,871 | $15,113 | $145,721 | $36,430 |
| Saginaw Chippewa | Eagle | $398,111 | $39,811 | $57,328 | $14,332 |
| Total | $132,438,012 | $13,127,743 | $24,310,193 | $9,335,627 |
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