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The conclusion of 2021 witnessed an impressive finale by sports bettors in Michigan.
According to the Michigan Gaming Control Board’s report on Tuesday, Detroit casinos experienced their second-lowest net gain of 2021 from sports betting in December. Furthermore, one casino faced losses against the bettors.
In February 2021, Detroit sports bettors collectively managed to beat the house, resulting in the lowest total adjusted gross receipts of $1.11 million reported since then.
FanDuel Sportsbook at MotorCity Casino incurred a loss of $100,408 from sports betting gross receipts.
The MGCB has not yet revealed what lies ahead for Michigan online sports bettors in December. However, the revenue report for Michigan online sports betting in December is anticipated to be released next week.
Detroit retail sportsbooks at a glance
In December, Greektown Casino dominated the sports betting market in downtown Detroit, capturing a significant 38.7% market share with wagers amounting to $11.6 million. Remarkably, Greektown Casino sustained positive sports betting revenue throughout the entire year, distinguishing itself as the sole Detroit casino to achieve this feat in 2021.
In the month, MotorCity Casino accumulated $9.3 million in wagers, accounting for 31.0% of the market share. However, it experienced negative receipts for the second time this year in 2021.
MGM Grand Detroit came in close to $9.1 million in bets, securing a market share of 30.2%. Despite this, MGM achieved the highest revenue among the three, earning $631,703 in December.
In total, the city of Detroit collected $58,052 in taxes for the month of December, resulting in a final sum of $1.26 million raised in Detroit taxes for the year 2021.
| Licensee | Retail Handle | Revenue (GGR) | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|
| MGM Grand | $9,088,087 | $631,237 | $466 | $23,878 | $29,185 |
| MotorCity | $9,335,280 | -$100,408 | $50,256 | $0 | $0 |
| Greektown | $11,648,575 | $624,849 | $0 | $23,620 | $28,868 |
| Total | $30,071,942 | $1,155,678 | $50,722 | $47,498 | $58,053 |
Second-lowest hold all-time
Since the launch of sports betting at Detroit casinos in March 2020, December witnessed the second-lowest total hold, calculated by dividing gross receipts by the total handle.
Excluding the month of February 2021, December had a hold rate of 3.7%. Let’s take a glance at the five lowest hold rates recorded since March 2020.
- February 2021 experienced a decrease of 0.3%.
- In December 2021, the rate stands at 3.7%.
- In April 2021, there was a 6.3% figure.
- The percentage for July 2021 is 6.6%.
- The percentage for October 2021 is 7.7%.
In November 2020, the lowest hold was recorded at 9.3%. However, the state achieved its highest hold of all time in December 2020, reaching 19.4%.
Success on the gridiron likely played a role
Football in the state of Michigan had a solid performance in December, resulting in sports bettors in the state ending up on the winning side of their wagers.
Kevin Hennessy from FanDuel Sportsbook informed Playinmichigan that in December, customers had a positive experience with NBA, NFL, and college football futures. He specifically mentioned that the futures market related to Michigan’s Big Ten title game victory was particularly favorable for their customers.
Michigan, commencing with college football, secured their first Big Ten Championship in 17 years by triumphing over Iowa with a decisive 42-3 victory on Dec. 4.
In addition to the single-game bets, there was a surge in futures bets for U-M to win the conference title.
As mentioned earlier in August, the Wolverines entered the season with odds of approximately +1700 to secure the conference championship. Additionally, their chances of winning the College Football Playoffs were around +2000.
The conclusion of the 2021-22 regular season also brought positive results for the Detroit Lions. In December, the team achieved a record of 2 wins and 2 losses straight up, and an impressive 3 wins and 1 loss against the spread.
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