Figures from the Michigan Gaming Control Board (MGCB) show combined online betting and igaming revenue in September hit $261.0m (£200.2m/€240.4m). Reported as ‘gross receipts’, this is 24.1% higher than last year and 16.5% ahead of August.
Adjusted gross receipts, which account for promotional spending in Michigan, was $209.9m. This beat last year’s total by 24.6% and was also 2.5% more than August.
Michigan igaming revenue surpasses $200m in September
Igaming accounted for $202.6m of all online gambling revenue in September. The amount is 21.8% more than last year and only the second-highest monthly amount on record behind $215.5m in March.
It was only the second time in the market’s history monthly revenue surpassed the $200.0m milestone. Adjusted gross receipts from igaming were also 21.7% higher year-on-year.
The MGCB does not break down the igaming market by game type. It does, however, reveal data on each licensed operator, with BetMGM leading the way. For September, BetMGM, in partnership with MGM Grand Detroit, reported $53.4m in gross gaming revenue (GGR) in revenue and $48.0m adjusted gross revenue (AGR).
FanDuel and MotorCity Casino were second with $48.8m (GGR) and $43.9m (AGR), respectively. DraftKings and the Bay Mills Indian Community followed with $38.2m in GGR and $34.4m in AGR.
Online sports betting hold reaches 11.64%
Turning to sports betting, gross gaming revenue amounted to $58.4m. This surpasses last year’s total by 32.7% and is also the second-highest monthly only figure since the market opened, behind December last year ($61.1m).
Adjusted gross receipts from sports betting also increased by 47.6% from the previous year.
This translates to a monthly hold – based on gross receipts from handle – of 11.64%.
Operator-wise, FanDuel and MotorCity Casino remain the market leaders by some distance. In September, the partnership heralded $24.4m in gross receipts from $180.1m handle for a hold of 13.55%.
DraftKings and the Bay Mills Indian Community were second with $17.4m in GGR off $155.9m in handle for an 11.16% hold. BetMGM and MGM Grand Detroit were third with $9.3m in GGR from $74.5m handle, leaving a 12.48% hold.
The MGCB reported retail sports betting revenue earlier this month. For September, revenue from the three Detroit commercial casinos hit $771,751. This is 52.0% lower than last year and also 55.4% behind August.
Revenue from slots and table games hit $101.2m, up 1.2% year-on-year but 8.6% lower than August.
Original article: https://igamingbusiness.com/finance/michigan-online-betting-igaming-september/
