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Last week, the Michigan Gaming Control Board disclosed the revenue figures for online sports betting and online casinos in May 2022.
Despite Michigan experiencing a predictable decline in the past month, there are still numerous intriguing trends to analyze.
There is intense competition for position within the state due to the presence of 15 different operators in both venues.
Certain operators are experiencing growth, while others appear to be declining.
Take a glance at operators from each category who are making noteworthy moves, whether they be positive or negative.
Online sports betting handle movers
Stock Down: DraftKings
DraftKings Sportsbook MI has emerged as a dominant force in Michigan’s online sports betting scene ever since its legalization in the state.
In both August and September of 2021, the partner of Bay Mills Resort & Casino emerged as the top leader in online handle within the state.
In the past few months, DK’s market share has experienced a decline. In 2022, DraftKings reached its highest point with a 27% market share of online handle. However, it has been steadily decreasing since then. In February, it dropped to 24%, followed by 23% in March, and further decreased to 21% in both April and May.
FanDuel Sportsbook MI and BetMGM Michigan are currently ahead of it, placing it securely in the third position within the state.
DraftKings has slipped to third place in the all-time handle race, reaching a total of $1.43 billion. BetMGM currently holds the second position with a higher figure of $1.49 billion.
Stock Up: Barstool
Bartstool Sportsbook MI has firmly secured the fourth position among Michigan’s top online sportsbooks, standing at 9.2% of the overall market share. This places them three percentage points ahead of their closest competitor, Caesars Sportsbook MI.
Barstool reached its highest point in January 2022 with a 10.1% share, but experienced a significant decline in February and March, dropping to 6.6%. Nevertheless, it has shown growth over the past few months and appears to be regaining momentum.
Barstool’s share increased from 8.4% in April to 9.8% in May. This growth was accompanied by a significant handle of $32.8 million, marking its highest performance since January. Moreover, this figure was approaching double the online handle recorded in May 2021, which stood at $18.2 million.
Stock Up: BetRivers
Although BetRivers Sportsbook MI has not emerged as a dominant force in the state, it has been steadily making progress towards success.
BetRivers has surpassed its historical average of 1.4% market share for online handle since January 2022.
Throughout its history, BetRivers has maintained a 1.4% average. In every month of 2022, it has surpassed a 1.5% performance threshold. Recently, BetRivers achieved its highest ever percentage of 1.9%. Regardless of market fluctuations, BetRivers has displayed consistent growth, enabling it to gain market share even during slower sports months.
With its impressive performances in 2022, the company has surpassed Fox Bet and maintained its seventh position in the state with a total handle of $78.6 million. Now, it aims to surpass PointsBet Sportsbook MI, currently in sixth place with a handle of $212.4 million.
Online Casino Revenue Movers
Stock Up: BetMGM
BetMGM Casino Michigan has consistently maintained its position at the top, making it difficult to claim that its stock is rising.
Since its legalization in January 2021, BetMGM has consistently held the top position in online casino revenue within the state.
MGM consistently surpasses its closest competitor in market share, except for only three months.
Recently, BetMGM has maintained a strong grip on approximately 35-40% of the market share. Meanwhile, its main rivals, FanDuel and DraftKings, are experiencing setbacks, allowing BetMGM to extend its lead in the competition.
BetMGM consistently holds 40% of the share ($655 million) over time, while FD ($285.4 million) and DK ($275.8 million) maintain a 17% share each.
Stock Down: DraftKings
DraftKings is facing challenges in keeping up with the other prominent players in the state, just like the online sports betting figures.
Despite maintaining a stable position at No. 2, DK has experienced consecutive revenue losses to FanDuel in the past three months. Additionally, it has witnessed a decline in market share, losing one percentage point in both April and May. As a result, DK currently holds a market share of 14% with $17.8 million.
DraftKings’ revenue for this period is the lowest it has been since November 2021.
Stock Up: Caesars
Caesars’ journey in the Michigan online casino scene has been challenging, yet recent months suggest a promising upturn in its performance.
In March, Caesars held a mere 3% market share, but this figure increased to 4% in April and achieved an impressive record-breaking 5% in May. The month of May also saw Caesars generate a remarkable $6.5 million in online revenue, marking a new record for the company’s monthly earnings.
Caesars has historically captured only 2% of the revenue share in Michigan’s internet gaming industry. However, if it maintains its current position or experiences growth, it has the potential to climb higher. In 2022, Caesars is projected to account for 4% of the online casino revenue market.
As of now, Caesars currently holds the eighth position in terms of all-time online casino revenue, with a total of $36.5 million. However, in the month of May, Caesars managed to climb up the ranks and secure a spot in the top five.
The online casino product of this company is gradually gaining momentum and approaching the popularity of its sports betting product, which currently holds the fifth position in Michigan’s all-time handle rankings.
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