Handle Down, Hold Up At Detroit’s Three Sportsbooks In May

Bettors have a relatively dismal month at the city's three sportsbooks
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In expected news, revenue for Detroit’s three brick-and-mortar sportsbooks took a dip in May, with little in the way of major sporting events taking place. 

Total handle for the month was a shade under $20.2 million, down from April’s $24.34 million number. But while the total amount bet was down by 17%, the sportsbooks had a more profitable month, taking in $1.77 million in gross receipts (compared to $1.54 million in April) for a healthy hold of 8.76%.

MotorCity revved to the lead in gross receipts with $709,796, followed by Greektown at $636,547, with MGM bringing up the rear at $402,223.

The casinos paid a little over $66,000 in retail sports betting taxes to the state in May and reported submitting nearly $81,000 in retail sports betting taxes to the city of Detroit.

Year-to-date, MotorCity, at $3.79 million in gross receipts, holds a slim lead over Greektown at $3.73 million. MGM lags behind at $2.73 million to date.

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Casino play inches up

On the casino side, table games and slots brought in $107.94 million in revenue, a hair higher than in April, which came in at $107.44 million.

In total, the three casinos reported $109.69 million in revenue, despite still operating at limited capacity numbers due to COVID. But even so, it’s clear brighter days are on the horizon, as the May number isn’t terribly far off from the $125.8 million the three casinos made in May 2019 (the casinos were closed in May 2020 due to the coronavirus).

MGM led the way in table and slot revenue, with $46.15 million, followed by MotorCity at $38.19 million and Greektown at $23.6 million.

For the month of May, the three casinos paid $8.7 million in gaming taxes to the state of Michigan, and an additional $12.8 million in taxes and development agreement payments to the city of Detroit.

Photo: Shutterstock

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