The Michigan Gaming Control Board reported a record $152.8 million in online casino gross revenue for the month of December, capping an explosive quarter to close 2022 with a revenue record for the third consecutive month.
December’s figure was 5.1% better than November’s short-lived standard of $145.4 million, after October’s nearly $141 million marked the first time the $140 million plateau had been reached since the January 2021 launch. The closing flourish in December was 25.5% higher than the final month of 2021, which had established a record at the time at $121.8 million.
After accounting for promotions and other deductions, the state was eligible to levy taxes on $137.5 million in adjusted revenue receipts for December. That resulted in $28.5 million for state coffers, while the city of Detroit received $7.6 million in tax payments from its three commercial operators. Tribal operators made $3.3 million in tax payments to local jurisdictions.
For the calendar year, the state received $289.2 million in tax payments from online casino operators, nearly 20 times more than from sports wagering. The city of Detroit claimed $77.8 million worth of tax receipts, while tribal tax payments to local jurisdictions totaled $32.8 million in 2022.
The $439.2 million in gross revenue for the final quarter of 2022 was a 13.7% improvement on the previous quarter and a 29.5% increase from the fourth quarter of last year. Overall, operators generated $1.58 billion in gross revenue in 2022, up 42.1% from 2021.
BetMGM continues to sizzle, FanDuel closes strong
After chasing the $50 million revenue mark for most of 2022 before finally reaching it in October, BetMGM has put itself in position to reach $55 million to start 2023. The unquestioned king of Michigan online casinos set another internal and state record in December by reaching $54.4 million, accounting for more than half of the $87.6 million in gross revenue that originated from the three online casinos tethered to Motown. It also became the first online casino in the state to cross the $1 billion threshold for all-time gross operator revenue.
FanDuel, which powers MotorCity Casino’s online action, also wrapped up the final quarter on a tear by setting an all-time monthly high for revenue at just shy of $29 million. It had spent most of the year flirting with $20 million before clearing $25 million for the first time in November. FanDuel finished the year at $258.7 million in gross revenue, up 39.3% from 2021.
Barstool Sportsbook & Casino, which is part of Greektown, trended in the opposite direction the final two months of 2022, with a slight month-over-month decline to under $4.3 million. The PENN Entertainment online app reached a record high of $5.2 million in March and nearly matched it in April, but then failed to get within one-half million dollars of that amount the rest of the year. Despite the soft fourth quarter, revenue of nearly $52 million for the year was still up 24.4% compared to 2021.
DraftKings, which offers its casino suite through the Bay Mills tribe, also closed 2022 on a record note with $26.2 million in revenue for December. It was a third straight monthly record for the online titan, which ticked from $22.7 million in October to $23.2 million in November before crashing through $25 million to wrap up the year. It totaled $248.4 million in revenue for the calendar year, a year-over-year increase of 34.6%.
Caesars, which runs operations through Grand Traverse, had an impressive closing kick to 2022 as month-over-month revenue surged 71.3% to a record $7.2 million. Its previous high-water mark was $6.5 million in May, with the year-ending figure only the third time it posted more than $6 million in monthly revenue since launch.
BetRivers, which operates via Little River Band of Ottawa, was able to clear $100 million in gross revenue for the year thanks to a haul of $9.4 million for December. It was within $300,000 of its all-time high of $9.7 million established in March.
Soaring Eagle, which entered the online casino wagering space in April, had $19.4 million in revenue for the year, grossing $2 million or more each of the final seven months and reaching a high of just over $3 million in October.