Michigan Online Casinos Growing Well Despite June Revenue Dip

Handle from online sportsbooks was down 19% month-over-month but is also up 14.8% year-over-year, according to data from the Michigan Gaming Control Board (MGCB).
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By
July 25, 2022

Michigan online casinos had their second-lowest month for revenue in June, although revenue was still up 36.2% year-over-year, proof that the market continues to grow at a healthy pace.

Data from the Michigan Gaming Control Board (MGCB) also show that online sportsbooks in the state had a rough month in terms of handle, but that has more to do with a slower sports season than anything else. Wagers were up 14.8% from the same month a year ago.

Online casino revenue includes poker because the MGCB does not report poker revenue separately. Since the regulator does not separate the two verticals, the contribution of online poker to the final revenue total is not known.

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According to the MGCB, online casino revenue totaled $121.5 million in June, down 4.6% from May ($127.4 million). June was off 8.3% from a peak of $132.4 million set in April.

BetMGM Casino MI continued to hold the top spot in June, just as it has ever since the market launched in January 2021. The operator grossed $47.2 million in June, a 4.1% decrease from May ($49.2 million).

Rivals FanDuel Casino MI and DraftKings Casino MI continued their tight race for second place behind BetMGM. FanDuel came out in June with $18.6 million in revenue, down 7.7% from the previous month ($20 million), but DraftKings was flat month-over-month and grossed $17.9 million.

Market share mainly was unchanged in June. BetMGM held 38.9% of the market while FanDuel had 15.3% and DraftKings 14.7%.

The rest of the 12 online casino operators combined for $37.9 million in revenue in June, down 5.9% from May ($40.2 million). The smaller operators held 31.2% of the market in June — their most significant advantage came in January when they held 32.7%.

Noteworthy movements month-over-month included:

  • Golden Nugget Casino MI, which grossed $4.4 million in June, down 29.2% from May ($6.2 million)
  • WSOP MI slipped 9% to $5.9 million in June, down from $6.5 million the month before
  • PlayEagle, the online casino platform launched Soaring Eagle Casino & Resort in April, had $2.1 million in revenue in June, up more than fourfold from its April debut ($398k).
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BetMGM Down Big in Handle, Lets DraftKings Take Second Place

Handle from online sports betting totaled $270 million in June, according to the MGCB. That marked a 19% decline from May ($333 million). It was the lowest month for handle since August 2021 ($192.3 million).

FanDuel Sportsbook MI, which has so far led in handle for every month of 2022, accepted $79.1 million in wagers in June, down 20.5% from May ($99.4 million).

Meanwhile, DraftKings Sportsbook MI took second place from BetMGM Sportsbook MI for the first time since February, thanks to a 3.8% month-over-month increase for the Boston-based operator and a whopping 26.8% decline for the joint venture between MGM Resorts International and Entain.

DraftKings had $71.7 million in handle in June, up from $69.1 million in May. BetMGM’s handle was $58.6 million in June, down from $80 million the month before.

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