PlayMichigan: Handle, Revenue Increases at Sportsbooks in June | Business
LAS VEGAS, July 19, 2021 / PRNewswire / – Michigan’s online and retail sports betting volume edged up in June, but remained relatively weak as sports betting continued to push its way through the summer downturn . But with the first significant jump in taxable income and an online casino industry that remains a reliable revenue generator, the industry has a long way to go when summer turns to fall, according to Play Michigan.
“Michigan sports betting grew so rapidly from January to March that the ensuing slowdown may seem more dramatic than reality,” said Jessica Welman, analyst for the PlayUSA.com network, which includes PlayMichigan.com. “Sports betting remains in an excellent position for a ramp-up as the football season approaches. Until then, it will need to build on opportunities such as the Olympics and NBA Finals to spur it on. ‘interest.”
Michigan online sportsbook accepted bets of $ 235.1 million in the 30 days of June, down 1.0% from the $ 237.6 million in the 31 days of May, according to the official data released Monday by the Michigan Gaming Control Board. With $ 24.4 million in retail sales, announced earlier this week, Michigan’s online and retail sportsbook totaled $ 259.4 million in wagers. That total is up 0.7% from $ 257.7 million in bets in May.
April, May and June are generally three of the slowest sports betting months of the year, but no major US sports jurisdiction has experienced a steeper drop from March’s highs, like Michigan. June’s combined grip is down 32.4% from the record combined grip of $ 383.7 million in March. By comparison, Indiana’s sportsbook volume fell 22.2% from March to June and Iowa fell 31.1%.
Gross gaming revenue from online sports betting rose 28.2% to $ 24.9 million in June, from a total of $ 19.5 million in May. And June’s 10.6% online sportsbook for operators was their best for a full month in Michigan. After promotional credits, online sports betting generated $ 16.8 million in taxable income, compared to $ 9.9 million. This brought in $ 1.4 million in state and local taxes on online betting.
“We were expecting an increase in taxable income which led to a real increase in tax revenue, which we finally got in June,” said Matt Schoch, analyst for PlayMichigan.com. “If there was one disappointment with the Michigan launch, it’s that tax revenue gains have lagged behind. So hopefully this will continue in the fall, when we know that sports betting revenue will make a great leap forward. “
FanDuel topped the online market in June with $ 77.3 million, up from $ 71.2 million in May. This led to gross sports betting income of $ 10.3 million, the best in the market, up from $ 9.3 million. The June action produced $ 8.1 million in taxable income.
“FanDuel has really opened up a significant lead in the market, which will be difficult for any rival to overcome,” said Schoch.
Online casinos and poker
Michigan online casino and poker room revenues fell to their lowest level since February. In total, gross gaming revenue from online casinos and poker fell to $ 89.2 million, down 5.9% from $ 94.9 million in May.
In the 30 days of June, online casinos and poker rooms produced $ 3.0 million per day, up from $ 3.1 million per day in May. In the end, it brought in $ 13.7 million in state taxes and $ 5.0 million in local taxes.
Since their launch in January, online casinos and poker rooms have generated $ 483.1 million in revenue and $ 118.4 million in state and local taxes.
“It’s not surprising to see incomes drop a bit during the summer months, when people tend to spend less time indoors,” Welman said. “Overall, the online gambling market has been remarkably consistent so far. Growth will return – likely in the fall, when the weather starts to change. In the meantime, online casino games will continue to grow. to be the most reliable source of revenue for operators and for the state that the Michigan gaming industry can provide. “
BetMGM / MGM Grand Detroit once again easily dominated the online casino and poker market with $ 33.8 million in gross gaming revenue.
To learn more, visit PlayMichigan.com/news.
About PlayUSA.com Network:
the PlayUSA.com Network and its state-focused branches are a major source of information, analysis and research related to the regulated online gaming market in the United States.
Zack Hall, Catena Media, 775-338-0745, [email protected]
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