Michigan Online Sportsbetting and Casino May Financial Report

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Michigan Online Sports Betting and Casino May Financial Report

Michigan’s online casino market experienced another strong month despite not breaking April’s record. The state’s 15 online casinos have been breaking monthly records regularly over the past couple of months, bringing in $132.4 million in gross gaming revenue (GGR) in April. May fell slightly short of that record, bringing in $127.4 million in GGR. The dip represents a 3.8% loss from April’s record.

Unsurprisingly, Sports betting also experienced a decrease from April’s numbers, reporting a total handle of $356.1 million for the month of May, a 10% decrease from April. $356.1 million is still a 38% increase from last May when Michigan sportsbooks reported a total handle of $257.7 million.

iGaming Breakdown

  • Top online casino app by revenue: BetMGM Michigan – $49.2 million
  • May 2022 brought in $127.4 million in online casino revenue, a 34.2% increase from May 2021 ($94.9 million)

Online casinos in Michigan have been posting high numbers month over month, with May representing the third-highest month in the state’s history. Every month in 2022 has seen a monthly online casino revenue of over $121 million, a number achieved only once last year in December.

May 2022 online casino revenue breakdown 

Brand Revenue

BetMGM $49,238,654

FanDuel $20,076,406

DraftKings $17,827,598

BetRivers $8,855,135

Caesars $6,465,549

Golden Nugget $6,154,354

WynnBet $4,137,927

Barstool         $3,815,014

Four Winds $2,818,060

Fox Bet $2,462,716

Play Gun Lake $1,727,616

FireKeepers $1,436,948

Eagle $1,368,148

TwinSpires $592,700

PointsBet $408,679

Sports Betting Breakdown

  • Total handle: $356.1 million ($333.4 million online)
  • Total revenue from sportsbetting: $35.9 million ($33.5 million online)
  • Top online sportsbook app by revenue: FanDuel – $15.7 million
  • Top online sportsbook app by handle: FanDuel – $103.6 million

Overall, sports betting in Michigan continues to trend upward despite the decrease in revenue in May. In 2021, sportsbooks saw only $21.2 million in revenue, 69% less than this year’s $35.9 million in revenue. This trend is understandable, however, considering we’re in the slow season for sports betting.

May 2022 sportsbook financial breakdown 

Brand Handle Revenue

FanDuel     $103,605,316         $15,734,476

BetMGM     $85,415,532         $9,021,899

DraftKings     $69,051,368         $5,020,855

Barstool     $45,880,178         $3,456,484

Caesars     $27,023,962         $710,949

PointsBet     $8,626,027         $852,215

BetRivers     $6,435,050         $453,924

Fox Bet     $2,493,409         $207,787

WynnBet     $2,383,519         $96,856

FireKeepers     $1,204,416         $125,610

Eagle         $994,747         -$14,884

Golden Nugget    $992,950         $54,002

Play Gun Lake    $741,065         $60,534

Four Winds        $668,106         $80,814

TwinSpires        $614,744         $58,709

In terms of tax revenue, Michiganders may be pleased to know that online sports betting brought over $1.1 million in funding for the state government and $694,000 toward local entities in May. Online casinos paid $23.5 million to the state in taxes, $6.4 million to the City of Detroit, and $2.7 million to tribal operators.

The future for iGaming in Michigan

The impressive performance this year begs the question, will Michigan’s consistent yet modest gains be enough to approach records set by Pennsylvania and New Jersey? This year, New Jersey online casino operators gross gaming revenue (GGR) record was broken in January, reaching $137.8 million for the month. Pennsylvania passed New Jersey and set a new US record for online casino revenue in March with $142.7 million. It’s possible Michigan could approach those numbers this year but to pass New Jersey and Pennsylvania seems unlikely simply because NJ and PA don’t seem to be slowing down anytime soon.

“Our strong liquidity position, coupled with our confidence in the long-term recovery of our core business, has allowed us to continue to focus on maximizing long-term shareholder value. To that end, we continued to repurchase our stock in the first quarter, reaching over $1bn during the first quarter of 2022 and we repaid $1bn of notes in March,” concluded Jonathan Halkyard, CFO and Treasurer of MGM Resorts International.