But the big news was wagering hold. Digital sports betting operators recorded an 11.3% win rate in July, the fourth consecutive month of double-digit hold, according to the Sports Handle revenue database. That’s the second-highest hold since digital operators went live in January 2021.
The operators’ most successful month for hold was September 2022 — the second football season during which digital betting was live. That month, operators kept 13.15% of handle.
Overall, Michigan online gambling commercial and tribal operators reported a combined $220.9m (£169.4m/€198.4m) in gross receipts. Michigan has three land-based casinos in Detroit, in addition to nine tribal casinos throughout the state. There are 12 mobile sportsbooks.
Online casino results
In July, Michigan online gambling operators had $191.4m in July in gross receipts, compared to $183.2m in June. July AGR was $172.3m, up 24.7% compared to July 2023.
The state’s 15 iGaming operators paid $36m in taxes to the state.
BetMGM (MGM Grand) and FanDuel (MotorCity Casino) were 1-2 in terms of gross receipts. BetMGM recorded $50.7m in gross receipts, and FanDuel recorded $46.7m. DraftKings (Bay Mills Indian Community) was firmly in third with $37.1m in gross receipts.
Sports betting
Gross sports betting receipts in July were $29.4m, compared to $30.9m in June. Wagering hold in June was 11.2%. Online sports betting AGR was $17.2m, up 5.2% from July 2023. Digital handle in July 2024 was $250.2m, down from $276.8m last month and up from $200.8m in July 2023.
Digital sports betting operators paid $1.1m in taxes.
FanDuel, in partnership with MotorCity Casino, continued as the market leader, taking $93.4m in bets, with AGR of $8.3m. DraftKings, partnered with the Bay Mills Indian Community, was second with $69.7 million in handle and $5.9m in AGR. The next closest operator was BetMGM with $33.6m in handle, but it claimed $4m in promotional spending, resulting in AGR of $188,016, well below that of its competitors.
Fanatics ($13.6m handle) was fourth in revenue and handle, edging out ESPN Bet ($13.2m handle).
Detroit casinos
Detroit’s three commercial casinos reported combined AGR of $106.3m, with MGM Grand leading the way at $51.3m. MGM Grand, Greektown Casino and MotorCity Casino combined to pay the state $8.6m in taxes and the city $12.6m.
The retail casinos had -$399,229 in sports betting revenue for July, according to the Michigan Gaming Control Board. They overall had positive aggregate revenue of $105.9m, including $106.3m from table games and slot machines.
MGM grabbed 48% of market share, followed by MotorCity (29%) and Hollywood Casino at Greektown (23%).
Original article: https://igamingbusiness.com/casino/michigan-online-gambling-revenue/
