Michigan: Igaming growth leads to rise in online gambling income in August

Michigan: Igaming growth leads to rise in online gambling income in August

Michigan: Igaming growth leads to rise in online gambling income in August

 The Michigan Gaming Control Board (MGCB) said that online gambling income went up both year-over-year and month-over-month in August. This was due to growth in the igaming sector.
 Michigan's illegal websites brought in a total of $224 million (£170.2 million or €201.5 million) in August from business and tribal operators for online gambling and sports betting.  In Michigan, this is 27.7% more than this time last year and 1.4% more than in July of this year.

 The MGCB released data on Tuesday, September 17th, showing that igaming brought in $196.7 million in August, which is 29.2% more than the same month last year.  Also, gross sports betting income rose 18.1% to $27.4m for the month.

 According to the MGCB, there are also adjusted gross earnings (AGR), which take into account money spent on advertising in Michigan.  In August, the state's online gaming market brought in $193.2 million, which is 26.2% more than the same month last year.

 I-gaming brought in $176.9 million, which is 30.9% more than the previous year.  Bets on sports brought in $16.3 million, which is 2.5% more than the previous year.

 The amount of money bet on sports was $280.1 million, which is 28.2% more than last year.  Hold was 9.78% based on the initial gross total, but only 5.82% based on the adjusted number.

 BetMGM and FanDuel are the top two.
 When it comes to operator success, BetMGM is still the market leader in online gambling.  The operator made $52.5 million in gross sales and $47.2 million in annualised gross revenue through its partnership with MGM Grand Detroit.

 With $48.4 million in total sales and $43.5 million in AGR, FanDuel and MotorCity Casino came in second.  They came in third with $36.6 million and $32.9 million, respectively.

 When it comes to sports betting, FanDuel is still far ahead.  From a $101 million handle, gross sales reached $11.1 million and AGR $7.6 million in August.

 With $7.6 million in total sales and $4.4 million in AGR, DraftKings came in second, with $78.1 million in monthly handle.  Next was BetMGM, which had $4.6m and $2.9m off of a $41.2m deal.

 In terms of taxes, the state got $37.8 million a month, with $36.9 million from online gambling and $874,501 from sports betting.  The City of Detroit got more than $9.4 million in taxes, with $9.1 million coming from the iGaming market and $287,107 from sports betting.  More than $4.6 million was paid to government bodies by tribal groups in August.

 In August, Detroit casinos made a little more money.
 When it comes to business land-based casinos, they made a total of $112.5 million in August.  This amount is 7.3% more than last year and 5.8% more than July. It includes table games, slots, and sports betting in person.

 The money made from slots and table games went up 5.9% to $110.8 million, and the money made from sports betting went up 427.7% to $1.7 million.  People bet $9.6 million on sports, which suggests a hold of 17.7%.

 With a 48% share of the market, MGM is still the market winner in Michigan.  MotorCity comes in second with 28%, and Hollywood Casino at Greektown comes in third with 24%.

 MGM has the most money from table games and slots ($53.9 million), which is 8.9% more than last year.  With a QAGR of $930,952, MotorCity had the most money in the sports betting market.

 The casinos gave the city of Detroit $17.3 million in taxes and payments under a development deal.  Also, $64,015 in taxes on sports betting were paid to the state and $78,241 to Detroit.