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October was a historic month for Michigan’s online casinos and poker sites, as they generated an impressive revenue of approximately $141 million.
When it was initially declared, it ranked as the second-highest month ever recorded in any US iGaming market, only surpassed by Pennsylvania’s performance in March 2022. However, later in the day, both Pennsylvania and New Jersey announced their own record-breaking October figures, consequently demoting Michigan’s October performance to fourth place in the all-time rankings.
In October, Michigan sportsbooks experienced a robust performance, generating a sports betting handle of $504.3 million.
Thanks to the inclusion of five weekends of football, it has seen a notable increase of 31.6% compared to September and a slight rise of 1.3% compared to October 2021.
Paul Costanzo, the lead analyst at Playinmichigan, stated that the occurrence of five full weekends of NFL and college football in October proved to be immensely beneficial for sportsbooks. The significant increase in total handle during this period reinforced this fact. Costanzo further noted that October marked the strongest month for Michigan sportsbooks since January, which still holds the record for the highest month on record. He confidently predicted that the lifetime sports betting handle in Michigan would easily surpass $8 billion in the upcoming month. Additionally, online casinos experienced a remarkable month, surpassing previous records by a significant margin. This once again highlighted the potential of online casinos to generate substantial profits for operators and states.
October 2022 Michigan sports betting numbers
The Michigan Gaming Control Board has released the top-line numbers for Michigan sportsbooks in October.
- Total: $504.3 million ($480.8 million from online sales)
- Revenue generated was $51.4 million, with $49.2 million being contributed through online channels.
- The current hold percentage is 10.2%, indicating a decrease from the previous month’s 13.2%.
- Month-over-month: Handle increased 31.6%
- In October, the state received $2.02 million in sports betting taxes, while local entities received $949,652.
- FanDuel Sportsbook MI emerges as the leading online sports betting app with an impressive handle of $145.4 million.
- FanDuel Sportsbook MI leads the online sports betting market in revenue, generating an impressive $20.9 million.
October 2022 Michigan online casino revenue
In October, online casinos in Michigan continued to be a reliable source of revenue.
- The revenue of online casinos has increased by 9.5% from September, reaching a total of $141 million.
- In October, the online casino tax payments amounted to $26.3 million for the state and $10 million for local entities.
- BetMGM Michigan emerges as the leading online casino app in terms of revenue, generating an impressive $52.3 million.
Three takeaways from October online gambling numbers
FanDuel comes roaring back
FanDuel reclaimed its position as the leading online sportsbook in Michigan after being surpassed by DraftKings in September, showcasing its dominance in the market.
In October, the state’s sports betting handle reached an impressive $145.4 million, establishing a new all-time record. This remarkable achievement also accounted for a significant 30% market share.
In the past month, FanDuel customers faced challenges, but this ultimately led to significant revenue for the operator. FanDuel achieved an impressive online revenue of approximately $20.9 million, accounting for 42% of the market share. Additionally, its hold rate of 14.2% exceeded the state average of 10.2%.
BetMGM online casino has record month
The state had an exceptional month, and unsurprisingly, its leading operator also achieved a new record. BetMGM Michigan casino generated a remarkable $52.3 million, surpassing its previous peak in April by over $2 million.
The Michigan’s all-time online casino leader achieved an impressive market share of 37%.
In addition to BetMGM, other prominent entities such as FanDuel, DraftKings, Four Winds, and Eagle Casino & Sports also experienced their most successful month in the state. Notably, Eagle Casino & Sports achieved a significant milestone by surpassing $3 million in a single month for the first time.
One online casino short? No problem
Despite one license remaining unfilled for the first time since mid-April, online casinos in Michigan achieved a record-breaking month.
Surprisingly, the previous online casino revenue record in Michigan was set in April when a total of $132.4 million was generated. This amount included the revenue earned by Eagle Casino & Sports, which had only been launched on April 14, contributing to the impressive figure.
In early September, the TwinSpires online casino, which had formed a partnership with the Hannahville Indian Community, ceased its operations. In October, the casino managed to accumulate $490 in revenue, possibly from finalizing outstanding accounts. Consequently, the state of Michigan was left with only 14 functioning operators during that month. However, this fact did not hold any significance.
Michigan October 2022 sports betting handle and revenue by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $151,514,228 | $21,585,059 | 14.2% | $1,447,723 |
| Bay Mills | DraftKings | $129,353,755 | $9,888,156 | 7.6% | $575,722 |
| MGM Grand Detroit | BetMGM | $107,327,135 | $10,675,307 | 9.9% | $554,481 |
| Grand Traverse | Caesars | $40,085,931 | $2,945,777 | 7.3% | $0 |
| Greektown | Barstool | $38,390,122 | $4,168,633 | 10.9% | $356,844 |
| Lac Vieux Desert | PointsBet | $14,575,727 | $1,017,330 | 7.0% | $2,600 |
| Little River | BetRivers | $7,423,161 | $352,987 | 4.8% | $5,732 |
| Sault Ste. Marie | WynnBet | $3,772,052 | $350,933 | 9.3% | $25,389 |
| Little Traverse Bay | Fox Bet | $3,036,772 | $68,104 | 2.2% | $2,458 |
| Nottawaseppi Huron | FireKeepers | $2,355,501 | -$71,696 | -3.0% | $0 |
| Sagniaw Chippewa | Eagle | $1,772,732 | $124,907 | 7.0% | $0 |
| Match-E-Be-Nash-She-Wish | betParx | $1,634,092 | $2,588 | 0.2% | $0 |
| Hannahville | SI | $1,222,408 | $158,776 | 13.0% | $0 |
| Keweenaw Bay | Golden Nugget | $1,027,392 | $47,680 | 4.6% | $1,321 |
| Pokagon | Four Winds | $845,499 | $47,758 | 5.6% | $0 |
| Total | $504,336,507 | $51,362,299 | 10.2% | $2,972,271 |
Michigan October 2022 online casino revenue by operator
| Licensee | Brand | Revenue | Promos | Taxes |
|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $52,300,177 | $5,230,018 | $13,768,022 |
| MotorCity | FanDuel | $23,019,509 | $2,301,951 | $6,059,886 |
| Bay Mills | DraftKings | $22,625,071 | $2,262,507 | $6,770,553 |
| Little River | BetRivers | $9,150,287 | $915,029 | $2,305,872 |
| Keweenaw Bay | Golden Nugget | $6,457,497 | $645,750 | $1,627,289 |
| Grand Traverse | Caesars | $5,324,956 | $532,496 | $1,341,889 |
| Greektown | Barstool | $4,604,271 | $460,427 | $1,212,074 |
| Sault Ste. Marie | WynnBet | $4,526,307 | $452,631 | $1,140,629 |
| Pokagon | Four Winds | $3,100,038 | $456,254 | $740,260 |
| Sagniaw Chippewa | Eagle | $3,011,881 | $301,188 | $729,581 |
| Little Traverse Bay | Fox Bet | $2,452,197 | $245,220 | $617,954 |
| Match-E-Be-Nash-She-Wish | betParx | $1,796,894 | $179,689 | $452,817 |
| Nottawaseppi Huron | FireKeepers | $1,533,512 | $153,351 | $358,842 |
| Lac Vieux Desert | PointsBet | $1,053,195 | $151,053 | $198,471 |
| Hannahville | TwinSpires | $490 | $0 | $108 |
| Total | $140,956,282 | $14,287,563 | $37,324,246 |
