The online sports betting industry is entering a seasonal slowdown while online casinos are setting another monthly revenue record, according to PlayMichigan.
(LAS VEGAS) – Online sports betting and retailers combined for less than $ 400 million in betting in April, the first month of a seasonal slowdown that will last until the start of the football season. But the April news was very good, with sports betting growing significantly year after year, and online casinos continued to show their strength with record revenue of more than $ 132.4 million, according to PlayMichigan, which monitors the evolution of games in the state.
“Without football or most of the NCAA Tournament, sports betting inevitably slowed down in April,” said Paul Costanzo, chief analyst at PlayMichigan.com. “One of the many reasons why online casino revenues are so important to operators and the state is that they produce consistently, month after month.”
Bettors placed $ 371.2 million in online sports betting in Michigan in April, 48.6% more than the $ 249.9 million bet in April 2021, according to official data released Tuesday by the Michigan Gaming Control Board. But betting fell 17.8% from $ 451.6 million in March. With $ 24.8 million in retail betting at Detroit area casinos launched last week, Michigan’s online and retail sports betting totaled $ 396.0 million in April betting. . This is up 44.4% from $ 274.2 million in April 2021.
Online sports betting earned $ 30.7 million in gross revenue from last month’s bets, 50.5% more than the $ 20.4 million in April 2021 and just over $ 30 million. , 5 million in March. Combined with $ 1.9 million in retail revenue, Michigan sports betting earned $ 32.6 million during the month. Following the promotional credits, retail and online sports betting generated $ 18.6 million in taxable revenue, which generated $ 1.1 million in state and local taxes.
“The big four professional franchises in the Detroit area are struggling, which doesn’t help the volume of bets,” Costanzo said. “The NBA Playoffs, the Final Four and the first month of baseball provided enough general interest inventory to keep bettors engaged in April. But the market will continue to cool during the summer months as NBA games become less frequent and if the Tigers continue to lose at such a high rate.
FanDuel surpassed online and retail sports betting in April with $ 118.4 million in bets, down from $ 140.1 million in March. April’s bets grossed $ 15.6 million. BetMGM ranked second in the state with $ 89.7 million in online betting, down from $ 108.1 million in March. BetMGM won $ 7.3 million in gross revenue with last month’s bets.
DraftKings was third with $ 78.1 million in online betting, down from 102.9 million in March. DraftKings won $ 3.8 million in gross revenue with their online bets.
The focus of sports betting begins to change in April. While football generates significant volume and an opportunity to expand into new customers, sports such as golf and baseball tend to be more profitable for a betting dollar for sports betting.
“With bets like parlay baseball betting and major golf tournaments, traders have a chance to win a higher percentage of their bets even when overall volume decreases,” said PlayUSA analyst Eric Ramsey .com Network, which includes PlayMichigan.com. . “In contrast to the football season, which provided a huge volume, but also included an aggressive promotion, as operators try to use the ubiquitous appeal of football to acquire new customers.”
Online casinos and poker
The appeal of Michigan’s online casinos and poker rooms continued to grow in April, generating a record $ 132.4 million in revenue for the month. This surpassed the record $ 131.7 million in revenue generated in March by 0.5%. Year-on-year, online casino revenue rose 39.5% from $ 94.9 million in April 2021.
Online casinos generated $ 4.4 million in daily revenue in April, compared to $ 4.2 million a day in March. April revenues generated $ 33.6 million in state taxes and fees.
“The clear thing about the first four months of the year is that Michigan’s online gaming industry is not yet on the verge of reaching its ceiling,” Ramsey said. “Even with headwinds affecting the economy as a whole, this growth should continue at least until the end of the year and probably much later.”
Other news from April:
BetMGM led all online and poker casino operators with $ 50.0 million in gross gaming revenue, which generated $ 13.2 million in state and local taxes. FanDuel ranked second with $ 21.0 million in gross revenue, generating $ 5.5 million in state and local taxes.
MI Online Sports Betting Revenue, April 2022
LicenseeOnline BrandTotal HandleOnline HandleRetail HandleRevenue (GGR)PromosState TaxLocal Tax MotorCityFanDuel$123,355,677$118,409,389$4,946,288$16,195,416$4,080,485$700,748$461,432 MGM Grand DetroitBetMGM$94,456,412$89,711,994$4,744,418$7,695,507$3,873,722$216,208$147,527 Bay MillsDraftKings$78,053,853$78,053,853?$3,848,113$2,092,815$0$0 GreektownBarstool$46,418,114$31,323,134$15,094,980$2,034,563$319,404$81,689$72,418 Grand TraverseCaesars$26,551,283$26,551,283 $ 1,169,963 $ 2,232,525 $ 0 $ 0 Lac Vieux DesertPointsBet $ 10,223,738 $ 10,223,738? $ 842,100 $ 537,680 $ 0 $ 0 Little RiverBetRivers $ 6,543,431 $ 6,543,431? MarieWynnBet$2,435,437$2,435,437?$190,930$134,380$4,750$0 Nottawaseppi HuronFireKeepers$1,422,648$1,422,648?-$22,050$94,300$0$0 HannahvilleTwinSpires$1,154,696$1,154,696?$48,744$5,363$0$0 Keweenaw BayGolden Nugget$1,070,460$1,070,460?-$36,064$37,886$0$0 Match-E-Be-Nash-She-WishParx$944,224$944,224 $ 118,150 $ 159,364 $ 0 $ 0 PokagonFour Winds $ 493,334 $ 493,334 $ 27,513 $ 110,379 $ 0 $ 0 Saginaw ChippewaEagle $ 287,273 $ 287,273? $ 40,547 $ 64,431 $ 0 $ 0 Total $ 396,009,819 $ 371,224,133 $ 24,714
MI Online Casino Revenue, April 2022
LicenseeBrandRevenue (GGR)PromosState TaxLocal Tax MGM Grand DetroitBetMGM$49,983,301$4,998,330$8,817,054$4,341,050 MotorCityFanDuel$21,027,925$2,102,793$3,709,326$1,826,275 Bay MillsDraftKings$19,412,955$1,941,296$3,913,652$978,413 Little RiverBetRivers$8,867,541$886,754$1,787,696$446,924 Keweenaw BayGolden Nugget$6,234,209$623,421$1,256,816$314,204 Grand TraverseCaesars$5,860,151$586,015$1,181,407$295,352 GreektownBarstool$5,201,136$520,114$917,480$451,719 Sault Ste. MarieWynnBet$4,402,452$440,245$887,534$221,884 PokagonFour Winds$3,070,583$307,058$509,924$127,481 Little Traverse BayFox Bet$2,706,536$270,654$459,867$114,967 Match-E-Be-Nash-She-WishParx$2,013,156$201,316$320,846$80,212 Nottawaseppi HuronFireKeepers$1,347,794$134,779$197,341$49,335 Lac Vieux DesertPointsBet$986,290$60,045$148,199$37,050 HannahvilleTwinSpires$925,871$15,113 $ 145,721 $ 36,430 Saginaw ChippewaEagle $ 398,111 $ 39,811 $ 57,328 $ 14,332 Total $ 132,438,012 $ 13,127,743 $ 24,310,193 $ 9,335,627
