Michigan‘s online gambling sector experienced continued growth in July, with adjusted gross receipts (AGR) for iGaming and digital sports betting increasing by a combined 3.2% from June.
According to the Michigan Gaming Control Board (MGCB), online gambling AGR also saw a year-over-year rise of 24.7% compared to July 2023, while sports betting AGR increased by 5.2%.
A highlight for July was the digital sports betting win rate, or hold, which stood at 11.3%, marking the fourth consecutive month of double-digit hold.
This represents the second-highest hold rate since Michigan’s digital betting operations began in January 2021, with the highest recorded hold being 13.15% in September 2022, during the football season.
In total, Michigan’s commercial and tribal online gambling operators reported gross receipts of $220.9 million in July. The state hosts three commercial casinos in Detroit and nine tribal casinos across Michigan, along with 12 mobile sportsbooks.
Online casino operators in Michigan generated $191.4 million in gross receipts for July, up from $183.2 million in June. The AGR for online gambling reached $172.3 million, a 24.7% increase compared to July 2023. The state’s 15 licensed iGaming operators contributed $36 million in taxes to Michigan.
Leading the online casino market were BetMGM, affiliated with MGM Grand, which reported $50.7 million in gross receipts, and FanDuel, partnered with MotorCity Casino, with $46.7 million. DraftKings, operating in collaboration with the Bay Mills Indian Community, secured third place with $37.1 million in gross receipts.
Gross sports betting receipts in July amounted to $29.4 million, a slight decrease from June’s $30.9 million. Despite this, the online sports betting AGR rose 5.2% from July 2023, totaling $17.2 million.
The digital handle for July 2024 was $250.2 million, lower than June’s $276.8 million but higher than the $200.8 million recorded in July 2023. Digital sports betting operators paid $1.1 million in taxes to the state.
FanDuel, in partnership with MotorCity Casino, maintained its market leadership, handling $93.4 million in bets and achieving an AGR of $8.3 million. DraftKings followed, with a $69.7 million handle and $5.9 million in AGR. BetMGM recorded a handle of $33.6 million but claimed $4 million in promotional spending, resulting in a significantly lower AGR of $188,016.
Fanatics and ESPN Bet were fourth and fifth in revenue and handle, with Fanatics posting a $13.6 million handle and ESPN Bet close behind at $13.2 million.
The three commercial casinos in Detroit—MGM Grand, Greektown Casino, and MotorCity Casino—reported a combined AGR of $106.3 million for July. MGM Grand led with $51.3 million in revenue. Collectively, the casinos paid $8.6 million in state taxes and $12.6 million to the city of Detroit.
However, retail casinos reported a sports betting revenue loss of $399,229 for July, though they achieved a positive overall revenue of $105.9 million, largely driven by $106.3 million from table games and slot machines. MGM Grand held 48% of the market share, followed by MotorCity with 29% and Hollywood Casino at Greektown with 23%.
Original article: https://www.yogonet.com/international/noticias/2024/08/22/76229-michigan-online-gambling-and-sports-betting-sees-32-growth-in-july
