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Online casinos and online sports betting thrived in Michigan during the month of September.
Both sectors generate significant figures when it comes to casino revenue and sports betting handle.
Nevertheless, there were a few intriguing anomalies within the mixture.
In September, a couple of online operators encountered a group of highly successful customers, resulting in a slight decline in profitability for them.
FireKeepers online casino revenue drops 60 percent
FireKeepers Casino Hotel stands out as one of the rare retail casinos that not only runs its physical establishment but also operates its own online casino and sportsbook.
FireKeepers has consistently generated a continuous flow of revenue through the obtained results.
FireKeepers has generated over $1 million in monthly revenue since July 2021, reaching its highest point in August of this year with $1.76 million.
Nevertheless, FireKeepers was presented with a remarkable figure in the September revenue report.
Due to a fortunate winning streak experienced by their players, the online casino managed to generate a revenue of merely $700,592 during the previous month.
According to Jim Wise, Vice President of Marketing & Sports/Online Gaming at FireKeepers Casino, FireKeepers emerged as the most fortunate online casino in Michigan during September. He stated that their guests experienced significant victories in both slots and table games, emphasizing that winning serves as the most effective form of advertisement. Although it impacted their overall financial results, Wise expressed satisfaction with the positive buzz generated and the marketing prospects it has created.
Since its launch in June 2021, FireKeepers’ revenue in September hit its lowest point.
WynnBet Sportsbook posts negative hold in September
WynnBet Sportsbook MI also experienced a surge in popularity among consumers in September.
In terms of triumph over the bettors, the online sportsbooks experienced significant success throughout September, making it an exceptional month overall.
The collective online hold for the 15 operators in the NBA, NHL, and NFL saw a significant increase with a lot of futures bets placed, reaching an impressive 13.1%. This surpasses the previous all-time hold of 8.3%.
Although operators had a successful month, WynnBet experienced losses due to its bettors.
Partnered with Kewadin Casinos, the operator generated $4.53 million in online sports betting wagers. However, it experienced a collective revenue loss of $7,926, resulting in a -0.2 percent handle.
WynnBet has experienced its third consecutive loss in a single month since its establishment. The losses amounted to $383,777 in June 2021 and $55,863 in September 2021.
In September, WynnBet achieved its third-highest online handle, marking an intriguing outcome.
No cause for concern
September’s results shouldn’t cause much concern for both FireKeepers and WynnBet.
In hopes of attracting new customers, FireKeepers is adopting a positive attitude towards their misfortunes, recognizing it as an opportunity.
Although not a leading contender in the iGaming industry (ranking 11th in revenue in Michigan), FireKeepers has managed to maintain a steady level of performance and a loyal customer following.
There are only three tribal casinos that independently manage their online operations: FireKeepers, Four Winds Casino, and Soaring Eagle Casino.
Out of the three, FireKeepers has generated the highest online casino revenue, amounting to $20.9 million. Four Winds stands at $11.1 million, whereas Soaring Eagle has reached $6.3 million. Importantly, it is worth mentioning that Soaring Eagle’s online casino was launched as recently as April of this year.
WynnBet has consistently maintained a strong presence among Michigan’s online sportsbooks, with a total online handle of $50.9 million, placing it at the ninth position in the state’s rankings.
In spite of the losses incurred, September’s online handle of $4.53 million secures the eighth rank in the state.
