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Michigan Internet Casino Revenue Tops $1 Billion For 2023

FanDuel’s sportsbook posted its 13th consecutive double-digit hold in July




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July 2023 internet gaming revenue

The Michigan Gaming Control Board reported Tuesday that $153.6 million in online casino gross revenue was generated in July, sending 2023’s statewide total over $1 billion.

Online casino revenue has been notably higher compared to the first seven months of last year, up 23.2%. July’s total represented a 21.3% increase versus July of last year and was also up 1.7% against June’s total of $151 million.

The state’s tribal casinos saw a bigger bounce in year-over-year revenue than their commercial counterparts, up 27.2% from last year to more than $70.7 million. Detroit’s three casinos offering an online suite of casino games generated over $82.8 million, an increase of 16.7%.

It was a good month for online sportsbooks, which fashioned an 11.2% hold to claim nearly $22.5 million in gross revenue from $200.8 million worth of accepted bets. Mobile sports wagering revenue was up 4.1% compared to last July despite a 2.6% dip in handle. It was the fourth time in five months the mobile win rate was 10.9% or higher and the ninth time in 13 months it cracked double digits.

Online casino revenue generated $28.7 million in state taxes, lifting the total for the year to nearly $196.9 million — more than $37.8 million ahead of last year’s pace. The city of Detroit received $7.2 million in receipts for the month and nearly $51 million for the calendar year.

Tribal gaming operators were able to disburse almost $3.3 million to local communities and jurisdictions, and the $23.4 million in total disbursements this year is $5.6 million more than the same period in 2022.

BetMGM leads in casino gaming, MotorCity tops $30M

MGM Grand Detroit continued to lead online casino gaming in the Wolverine State, with BetMGM leading all operators with $49 million in gross revenue. It was a 2% year-over-year increase for the month, and its $354.3 million netted in 2023 is 6.4% higher compared to the first seven months of 2022.

FanDuel, MotorCity Casino’s mobile tether, topped $30 million in monthly revenue for the third time since launch and first time since April’s $31.3 million. It was a 63.2% year-over-year surge in winnings and continued an impressive 2023 in which the $213.2 million in revenue is 54.7% better than last year.

Greektown Casino has been the city’s laggard for online casino revenue. While its $3.2 million in July gross revenue was up 0.6% compared to June, it was off 18.8% compared to 2022. Greektown’s overall revenue of $26 million for the year is down 17.1% versus the similar period last year.

Overall, the trio of Motown mobile options have combined for $593.6 million in gross online casino revenue this year, up 18.2% compared to 2022. The increase in tribal revenue has outpaced commercial gains this year, with the dozen outlets’ $494.7 million in gross revenue up 29.7% against last year.

Bay Mills, which has DraftKings run its online gaming suite, paced tribal operators with $28.7 million in gross revenue. It has also enjoyed a robust year, with gross revenue 44.8% higher than the first seven months of 2022 at $195.6 million.

Golden Nugget, which is the mobile tether of Keweenaw Bay, had its second-best month in history with $7.1 million. It came within $61,000 of its all-time high of just over $7.2 million established in January. BetRivers had a 2023 best of $9.1 million operating through the Little River Band of Ottawa Indians, the second time it crossed $9 million this year.

On the flip side, WynnBET’s $3.9 million in gross revenue was a low point for the year and its softest revenue total since claiming less than $3.2 million last September. It is currently reviewing whether to continue online sports wagering in Michigan after announcing it would leave eight states earlier this month, but the $34.1 million in online casino revenue accrued this year is a 7.3% year-over-year improvement.

FanDuel leads online sports betting rout

In online sports wagering, FanDuel maintained a double-digit hold on gross revenue for the 13th consecutive month. The online titan crafted a 12.3% win rate to claim more than $9 million in winnings from $73.5 million handle. DraftKings did likewise for hold, edging just over 10% for $5.6 million in revenue off $55.4 million worth of bets.

Detroit’s other two online books — BetMGM and Barstool Sportsbook — also battered the public. BetMGM cleared $4.1 million in gross revenue on the strength of a 12.5% hold, while Barstool narrowly cleared $1 million for the second time in three months thanks to a 12.4% win rate. It was Barstool’s third-highest hold all time and best since reaching 14.8% last September.

Caesars Sports was one book the public fared reasonably well against in July, holding it to a 5.2% hold and nearly $738,000 in gross revenue off $14.3 million handle. PointsBet notched a 14.3% hold to keep nearly $632,000 from $4.4 million worth of wagers, while BetRivers kept just over $686,000 of $5.5 million-plus handle.

WynnBET topped $2 million in accepted bets for the first time since March, contributing to a year-best $228,000 in gross revenue with an 11.4% win rate.

Despite a 10.3% decline in year-to-date handle to nearly $2.3 billion, sportsbook gross revenue is up 12.9% to close to $213.2 million. The 9.4% hold through the first seven months of the year is nearly two full percentage points higher than the same span in 2022.

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