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Detroit casinos have successfully completed the initial six months of sports betting in 2021, with the total amount wagered playing a significant role in overshadowing the challenging first year.
According to the Michigan Gaming Control Board, the three casinos in Detroit reported a total of $152.6 million in sports bets for the period up until Tuesday. This amount surpasses the $130.8 million in wagers made throughout the entire year of 2020.
Naturally, the sector had a discouraging beginning in 2020. Just five days after introducing on-site sports betting at Greektown Casino, MGM Grand Detroit, and MotorCity Casino, the coronavirus pandemic forced the closure of these establishments for almost five months. Moreover, the casinos had to shut down once more for a significant portion of December.
| Licensee | Retail Handle | Revenue (GGR) | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|
| MotorCity | $8,467,849 | $796,206 | $0 | $30,097 | $36,785 |
| MGM Grand | $8,087,227 | $680,455 | $20 | $25,720 | $31,436 |
| Greektown | $7,823,792 | $819,272 | $0 | $30,968 | $37,850 |
| Total | $24,378,868 | $2,295,932 | $20 | $86,785 | $106,071 |
In June 2021, the sports betting handle in Detroit casinos reached $24.4 million, marking the highest monthly figure since January’s $35.7 million. It is important to note that the January total was significantly influenced by the absence of legal online sports wagering for a major part of that month. Comparing to May, the June total represents a 20.7% increase, as sports enthusiasts wagered $20.2 million during that period.
The lifting of capacity restrictions occurred on June 22.
In June, sports betting contributed $86,785 to Michigan state taxes and generated $106,071 in tax revenue for the city of Detroit.
In June, the revenue from table games and slots experienced a 2% decrease compared to May, amounting to $105.8 million.
FanDuel Sportsbook at MotorCity leads competitive handle race
During the month of June, the FanDuel Sportsbook at MotorCity Casino emerged as the top contender in the casino horse race. MotorCity Casino witnessed a total of $8.5 million in bets during this period, securing a market share of 34.7%.
In terms of betting activity, BetMGM Sportsbook at MGM Grand Detroit secured the second position, accounting for $8.1 million in bets, which represented a 33.2% market share. Following closely behind, Barstool Sportsbook at Greektown Casino emerged as the third contender with $7.8 million in bets, capturing a 32.1% market share.
Later this week, the MGCB is expected to announce the June online sports betting figures.
In terms of hold, the casino managed to retain 9.4% of bets during June, which proved to be a relatively successful month for the gambling industry. However, as of 2021, the trio’s hold has decreased to 8.2% of bets.
DraftKings still leads FanDuel in fantasy sports contest race
DraftKings has once again emerged as the victor in the monthly daily fantasy sports competition in Michigan, surpassing FanDuel, as it has consistently done since its launch in January 2020.
In the month of May, DraftKings recorded revenues of $687,295, whereas FanDuel reported revenues of $514,639.
Retail sports betting in Michigan is reported one month ahead of fantasy contests.
In the month of May, fantasy contests generated a revenue of $1.3 million, resulting in the payment of $105,859 in state taxes at a rate of 8.4%.
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