Igaming gross receipts and gross online sports betting receipts from commercial and tribal operators in August amounted to $224.0m (£170.2m/€201.5m). This is 27.7% more than last year in Michigan and 1.4% higher than in July this year.
Data, published by the MGCB Tuesday (17 September) shows igaming accounted for $196.7m of all revenue during August, up 29.2% year-on-year. Gross sports betting receipts were also 18.1% higher for the month at $27.4m.
The MGCB also sets out adjusted gross receipts (AGR), which account for promotional spending in Michigan. For August, the total for the state’s online gambling market was $193.2m, a rise of 26.2% on last year’s total.
Of this, $176.9m came from igaming, a year-on-year rise of 30.9%. In terms of sports betting, AGR reached $16.3m, up 2.5% from the previous year.
As for sports betting handle, this amounted to $280.1m, some 28.2% ahead of last year. Based on the initial gross total, hold was 9.78%, whereas for the adjusted figure, hold was 5.82%.
BetMGM, FanDuel the leaders
Looking now to operator performance, BetMGM remains the market leader in igaming. Via its partnership with MGM Grand Detroit, the operator posted $52.5m in gross receipts and $47.2m AGR.
FanDuel and MotorCity Casino placed second with $48.4m and $43.5m for gross receipts and AGR, respectively. DraftKings and the Bay Mills Indian Community took third with $36.6m and $32.9m.
As for sports betting, FanDuel remains some way out in front. In August, gross receipts hit $11.1m and AGR $7.6m, from a $101.0m handle.
In second was DraftKings with $7.6m in gross receipts and $4.4m AGR, with monthly handle at $78.1m. BetMGM followed with $4.6m and $2.9m off a $41.2m handle.
Tax-wise, monthly state taxes hit $37.8m, with $36.9m from igaming and $874,501 from sports betting. Taxes paid to the City of Detroit topped $9.4m, including $9.1m from the igaming market and $287,107 sports betting. Tribal operators paid a further $4.6m to governing bodies in August.
Detroit casino revenue edges up in August
Turning to the commercial land-based casino sector, aggregate revenue in August hit $112.5m. This total, covering table games, slots and retail sports betting, is 7.3% higher than last year and 5.8% higher than July.
Table games and slots revenue climbed 5.9% to $110.8m, while sports betting qualified adjusted gross receipts (QAGR) rocketed 427.7% to $1.7m. Players spent $9.6m betting on sports, suggesting a hold of 17.7%.
MGM remains the overall market leader in Michigan with a 48% share. MotorCity is second on 28%, then Hollywood Casino at Greektown with 24%.
As for each market, MGM tops the table games and slots with $53.9m in revenue, up 8.9% from last year. For the sports betting segment, MotorCity was the leader with $930,952 in QAGR.
The casinos paid $17.3m in gaming-related wagering taxes and development agreement payments to the City of Detroit. A further was paid $64,015 in sports betting taxes to the state and $78,241 to Detroit.
Original article: https://igamingbusiness.com/finance/michigan-igaming-online-gambling-revenue-august/
