Michigan Online Casino Revenue Hits Record $109.7 Million

BetMGM MI and DraftKings MI have record months for online casino; Sports betting results in record handle of $463.3 million.
Michigan Online Casino Revenue Hits Record $109.7 Million
By
November 24, 2021

One month after crossing into unchartered territory — $100 million in revenue — online casino gaming in Michigan continued to climb for a fourth consecutive month to $109.7 million in October, a new record 7.1% above September, data from the Michigan Gaming Control Board (MGCB) show.

In Michigan, revenue from the state’s regulated poker rooms is included in online casino revenue reported by the MGCB. Since the regulator does not separate revenue from the two verticals, it is not known how much poker contributed to total revenue.

The state’s top operator, BetMGM MI, had another record month with $41.4 million in revenue, up from $40.6 million. DraftKings MI, in second place, also had a record month in October at $19.7 million, up from $15.5 million in September.

FanDuel Casino, the state’s third-largest operator, grossed $17.6 million in October, up from $15.4 million the month prior. The October mark was a near record; the operator’s all-time high in Michigan was $18.9 million in March.

The three largest operators combined for 71.7% of the market in October, up from 69.8% in September. Eleven other operators make up the rest of the field.

BetRivers, Golden Nugget, Barstool on the rise

Of the five mid-tier operators in the Wolverine State, three of them saw their revenue increase in October. BetRivers Casino MI, Golden Nugget and Barstool grossed $7.3 million, $5.2 million and $4.5 million, all improvements from the $6.7 million, $4.7 million and $3.9 million they received in September, respectively.

But it wasn’t a good month for everyone. Wynn made $4.3 million in October, down from $4.5 million in September. FOX Bet MI and PokerStars MI, both on the Odawa Casinos license, fared worse, dropping to $985k after grossing $2.9 million one month earlier.

October was also a mixed bag for the six smallest operators in Michigan. Of those six, three saw revenue increase, one was flat and two lost revenues compared to September.

TwinSpires, William Hill and PointsBet were the three winners, posting revenues of $1.8 million, $1.7 million and a record $641k — up from $1.3 million, $1.4 million and a record low of $294k, respectively. It was a nice turnaround for PointsBet, which had previously peaked at $612k in May.

FireKeepers was flat at $1.1 million, but Pala and Parx both lost revenues. Pala was at $2.1 million in October, down from $2.4 million in September. Meanwhile, Parx saw its revenue slide to $1.4 million, down from $1.6 million.

Record handle of $463.3 million

An extra weekend for college football and NFL games helped push sports betting in Michigan to a record handle of $463.3 million in October, up from $354.3 million in September. The previous record for handle was $359.4 million, which was set in March.

Revenue from mobile and online sports betting grew 2.6% to $24.3 million in October, up from $23.7 million.

It was a huge month for FanDuel Sportsbook MI, which saw $10.3 million in sports revenue in October, up from $7.2 million. BetMGM Sportsbook MI slipped to $7.5 million, down from $8.8 million, but it was still enough for second place in the vertical.

DraftKings Sportsbook remained in third place in the vertical $2.9 million of revenue in October, down from $3.0 million.

FanDuel, BetMGM and DraftKings, when combined, made up 85.3% of online sportsbook revenue for the month. By comparison, the trio held 80% of the market in September.

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