Gross internet gaming and sports betting receipts from commercial and tribal operators in Michigan topped $284.3 million in November. This is 35.9% above November last year and 12.1% ahead of October this year, the Michigan Gaming Control Board (MGCB) reported yesterday (17 December).
After accounting for promotional spending, total market adjusted gross receipts for the month was $240.4 million. The figure is 51.9% ahead of last year and 15.3% higher on a month-on-month basis.
Another new igaming record in Michigan
As was the case in the previous month, igaming was a highlight for Michigan operators in November. Gross igaming receipts were 28.9% higher year-on-year and surpassed the existing record of $220.7 million in October by 2.4%.
Adjusted gross receipts from igaming hit $203.3 million, up 28.8% from last year and 2.4% ahead of October.
BetMGM and MGM Grand Detroit overtook FanDuel and MotorCity Casino to claim top spot in the market in November. The partnership heralded $59.7 million in gross igaming receipts and $53.7 million worth of adjusted receipts.
FanDuel and MotorCity Casino were marginally behind on $57.0 million in gross receipts and $51.3 million adjusted receipts. DraftKings and the Bay Mills Indian Community completed the runaway top three with gross receipts of $41.6 million and $37.4 million in adjusted receipts.
Record online sports betting handle
Turning to the sports betting market, gross receipts for November were $58.3 million. This is 72.0% ahead of last year and 76.7% above October.
Adjusted sports betting gross receipts hit $37.1 million, up some 264.8% above October and streets ahead of $294,810 last year.
In terms of handle, the $650.2 million wagered online during November is a new record for Michigan. It surpasses the previous all-time high of $613.4 million in December last year by 6.0%.
On a gross receipts basis, state-wide hold was 8.97% and, of adjusted gross receipts, hold was 5.71%.
FanDuel back in front
Looking at operators, FanDuel and MotorCity Casino remain the clear leaders in this market. For November, gross receipts hit $22.1 million from $245.6 million in wagers for a 9.0% hold.
DraftKings and the Bay Mills Indian Community stay second with $18.4 million from $182.8 million, leaving a 10.07% hold. BetMGM and MGM Grand Detroit were again third with $9.7 million off $93.8 million for a 10.34% hold.
Other stand-out performers include ESPN Bet and Hollywood Greektown Casino, with gross receipts hitting $2.4 million off a $31.3 handle. Hold was 7.7%.
Fanatics, partnered with the Lac Vieux Desert Band of Lake Superior Chippewa Indians, followed. Gross receipts of $4.1 million from a $36.6 million handle meant an 11.20% hold.
Operators paid $44.4 million in total taxes and payments. This comprises $42.5 million in igaming taxes and $1.9 million from sports betting. A further $5.2 million went from tribal operators to governing bodies.
Land-based improvements after strikes in November 2023
Turning to the land-based sector, figures from MGCB were markedly higher than last year. This is due to the strikes that impacted the Michigan market in November 2023.
Total revenue from Detroit’s three commercial casinos was $108.4 million, 37.0% more than last year and 5.3% above October. The figure covers slots and table games and retail sports betting revenue.
Table games and slots generated $106.4 million in revenue and retail sports betting $1.91 million. Players spent $21.0 million betting on sports at the three casinos.
MGM had the largest overall market share with 46%, ahead of MotorCity on 31% and then Hollywood Casino at Greektown with 23%.
The casinos paid $8.6 million in gaming taxes to the state and $13.2 million in wagering taxes and development agreement payments to the city of Detroit. A further $72,376 in tax related to sports betting was sent to the state and $88,460 the city of Detroit.
Original article: https://igamingbusiness.com/finance/michigan-sports-betting-igaming-records-november/