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Last week, the Michigan Gaming Control Board unveiled the revenue figures for online sports betting and online casinos in May 2022.
Although Michigan had 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.
Here’s an overview of operators in each category who are taking notable actions, whether positive or negative.
Online sports betting handle movers
Stock Down: DraftKings
DraftKings Sportsbook MI emerged as a major player in Michigan following the legalization of online sports betting.
In both August and September 2021, the Bay Mills Resort & Casino partner emerged as the top leader in online handle within the state.
In the past few months, DK has experienced a decline. In 2022, DraftKings reached its highest point with a 27% market share in online handle. However, it has been steadily decreasing since then. In February, it dropped to 24%, followed by 23% in March, and further down to 21% in both April and May.
FanDuel Sportsbook MI and BetMGM Michigan are ahead of it, securing the first and second places in the state, respectively.
DraftKings has dropped to the third position in the all-time handle race, reaching $1.43 billion, while BetMGM currently holds the second spot with $1.49 billion.
Stock Up: Barstool
The top three online sportsbooks in Michigan have clearly distinguished themselves from the competition. Nevertheless, Bartstool Sportsbook MI has firmly secured the fourth spot, holding 9.2% of the overall market share. This places them three percentage points ahead of their closest rival, Caesars Sportsbook MI.
Barstool experienced a significant decline in February and March, dropping from its peak of 10.1% share in January 2022 to 6.6%. Nevertheless, the brand has shown growth in recent months and appears to be regaining momentum.
Barstool’s market share increased from 8.4% in April to 9.8% in May. During that period, they achieved their highest handle of $32.8 million since January. This figure was almost double the online handle of $18.2 million they recorded in May 2021.
Stock Up: BetRivers
Despite not being a prominent contender in the state, BetRivers Sportsbook MI has been gradually making progress and climbing the ranks.
BetRivers has surpassed its historical average market share for online handle, exceeding 1.4% since January 2022.
BetRivers has consistently maintained a performance rate of 1.5% or higher each month in 2022, reaching a remarkable all-time high of 1.9% in the most recent month. This consistent performance has enabled BetRivers to steadily increase its market share even during challenging periods in the sports industry. Overall, BetRivers has demonstrated reliability and resilience throughout the ups and downs of the year.
With its impressive 2022 performances, the company has managed to surpass Fox Bet and maintain a strong position as the seventh top performer in the state, with a total handle of $78.6 million. Currently, the company is determined to surpass PointsBet Sportsbook MI, which holds the sixth position 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 describe its stock as rising.
Since its legalization in January 2021, BetMGM has consistently held the top position in online casino revenue within the state.
In terms of market share, MGM surpasses its closest competitor by more than two-fold for all months except three.
In recent times, BetMGM has maintained a strong grip on 35-40% of the market share, while its main rivals (FanDuel, DraftKings) are experiencing setbacks that are allowing BetMGM to widen its lead in the competition.
BetMGM has consistently maintained a 40% share, equivalent to $655 million, making it the top contender. Meanwhile, FD and DK hold a 17% share each, with FD at $285.4 million and DK at $275.8 million.
Stock Down: DraftKings
DraftKings is finding it challenging to match the performance of other major players in the state, just like the online sports betting figures.
DK, which was previously maintaining its position at No. 2, has experienced consecutive revenue losses to FanDuel over the past three months. Additionally, in both April and May, DK’s market share decreased by one percentage point, resulting in a recent drop to 14% with $17.8 million.
DraftKings’ revenue in November 2021 marked the lowest total it has attained thus far.
Stock Up: Caesars
Caesars has encountered difficulties in establishing itself in the Michigan online casino industry. However, the past few months suggest that the company is beginning to show signs of improvement and heading towards a positive trajectory.
With a market share of only 3% in March, it experienced an increase to 4% in April and reached a remarkable high of 5% in May. Caesars achieved a remarkable feat in May, generating a record-breaking online revenue of $6.5 million. This single-month figure also marked a new record for Caesars.
Caesars has only contributed 2% to Michigan’s internet gaming revenue throughout its history. However, if the company maintains stability or experiences growth, it has the potential to climb higher. In 2022, Caesars is projected to make up 4% of the online casino revenue market.
Currently, Caesars is positioned at the eighth spot for all-time online casino revenue, accumulating $36.5 million. However, in the month of May, Caesars managed to secure a place within the top five.
The online casino product of the company has been gaining momentum, gradually catching up to its sports betting product. Interestingly, the sports betting product currently holds the fifth position in Michigan’s history in terms of handle.
