Last updated on October 19th, 2024 at 05:27 am
September was a good month for Michigan sports betting and online gaming. Both sectors recorded their second-best month. According to the Michigan Gaming Control Board, overall gross sports wagering revenue last month was $59 million. The record was $66 million set in December 2023. In addition, it was the sixth time in the state’s sports wagering history that operators earned over $50 million in a month.
The GGR total was 29.8 percent more than last September, more than tripling operators’ August earnings. In addition, it was up 11.1 percent from the same month a year ago. With the beginning of the new college and NFL football seasons, bookmakers in Michigan received $523.8 million in wagers last month.
According to bookie pay per head experts, the state’s online bookmakers invested heavily in promotional deals to kick off the new college and NFL football seasons. As a result, the adjusted revenue was $28.3 million.
Michigan Sports Betting and Online Gaming
After $180.1 million in bets, FanDuel had the highest gross gaming revenue (GGR) at $24.4 million, or a 13.5% win rate. October saw the industry leader shell out over $10 million for promotions. First place went to DraftKings, which had $155.9 million in handling and $17.4 million in earnings. Finally completing the podium was BetMGM, which had its most incredible month since March 2023, winning $9.3 million out of $74.9 million.
Ranked fourth, Fanatics had its most excellent month in Michigan since acquiring PointsBet, with $2.8 million in earnings from $23.9 million in bets. Even though it only earned $213,200 in AGR, it spent a ton on offers because this was its first football season in Michigan.
More money was wagered on Caesars ($26.3 million) and ESPN Bet ($25.7 million) than Fanatics ($1.8 million vs. $1.7 million). However, neither company came out on top. Also, there are no reports of another company that wants to become a bookie in the state.
$200 Million in Online Gaming Revenue
In terms of online casinos, the state’s operators saw a 20.8% increase in gross revenue to $202.6 million in March 2024, the second time the state had recorded more than $200 million in monthly iGaming GGR. The previous high was $215.2 million in March 2024. Net adjusted sales came to $182.3 million after deducting $20.3 million for promotions.
This keeps Michigan on track to beat last year’s record-breaking yearly GGR of almost $1.9 billion. Michigan iGaming still has three months to declare its gross income in 2024, but it’s over $1.7 billion. At $53.4 million, BetMGM—affiliated with MGM Grand Detroit—was the clear revenue leader, surpassing FanDuel’s $48.8 million.
However, the income figures for the two behemoths were essentially unchanged compared to August. On the other hand, Fanatics had the most significant monthly sales boost, reaching $5.7 million, a 34% increase from August. Additionally, Golden Nugget announced a 20% month-over-month growth.
After September, WynnBet left the Michigan iGaming sector and was succeeded by Caesars’ new Horseshoe Online Casino.
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