Michigan Online Sports Betting and Casino May Financial Report
Michigan’s online casino market experienced another strong month despite not breaking April’s record. The state’s 15 online casinos have been breaking monthly records regularly over the past couple of months, bringing in $132.4 million in gross gaming revenue (GGR) in April. May fell slightly short of that record, bringing in $127.4 million in GGR. The dip represents a 3.8% loss from April’s record.
Unsurprisingly, Sports betting also experienced a decrease from April’s numbers, reporting a total handle of $356.1 million for the month of May, a 10% decrease from April. $356.1 million is still a 38% increase from last May when Michigan sportsbooks reported a total handle of $257.7 million.
- Top online casino app by revenue: BetMGM Michigan – $49.2 million
- May 2022 brought in $127.4 million in online casino revenue, a 34.2% increase from May 2021 ($94.9 million)
Online casinos in Michigan have been posting high numbers month over month, with May representing the third-highest month in the state’s history. Every month in 2022 has seen a monthly online casino revenue of over $121 million, a number achieved only once last year in December.
May 2022 online casino revenue breakdown
Golden Nugget $6,154,354
Four Winds $2,818,060
Fox Bet $2,462,716
Play Gun Lake $1,727,616
Sports Betting Breakdown
- Total handle: $356.1 million ($333.4 million online)
- Total revenue from sportsbetting: $35.9 million ($33.5 million online)
- Top online sportsbook app by revenue: FanDuel – $15.7 million
- Top online sportsbook app by handle: FanDuel – $103.6 million
Overall, sports betting in Michigan continues to trend upward despite the decrease in revenue in May. In 2021, sportsbooks saw only $21.2 million in revenue, 69% less than this year’s $35.9 million in revenue. This trend is understandable, however, considering we’re in the slow season for sports betting.
May 2022 sportsbook financial breakdown
Brand Handle Revenue
FanDuel $103,605,316 $15,734,476
BetMGM $85,415,532 $9,021,899
DraftKings $69,051,368 $5,020,855
Barstool $45,880,178 $3,456,484
Caesars $27,023,962 $710,949
PointsBet $8,626,027 $852,215
BetRivers $6,435,050 $453,924
Fox Bet $2,493,409 $207,787
WynnBet $2,383,519 $96,856
FireKeepers $1,204,416 $125,610
Eagle $994,747 -$14,884
Golden Nugget $992,950 $54,002
Play Gun Lake $741,065 $60,534
Four Winds $668,106 $80,814
TwinSpires $614,744 $58,709
In terms of tax revenue, Michiganders may be pleased to know that online sports betting brought over $1.1 million in funding for the state government and $694,000 toward local entities in May. Online casinos paid $23.5 million to the state in taxes, $6.4 million to the City of Detroit, and $2.7 million to tribal operators.
The future for iGaming in Michigan
The impressive performance this year begs the question, will Michigan’s consistent yet modest gains be enough to approach records set by Pennsylvania and New Jersey? This year, New Jersey online casino operators gross gaming revenue (GGR) record was broken in January, reaching $137.8 million for the month. Pennsylvania passed New Jersey and set a new US record for online casino revenue in March with $142.7 million. It’s possible Michigan could approach those numbers this year but to pass New Jersey and Pennsylvania seems unlikely simply because NJ and PA don’t seem to be slowing down anytime soon.
“Our strong liquidity position, coupled with our confidence in the long-term recovery of our core business, has allowed us to continue to focus on maximizing long-term shareholder value. To that end, we continued to repurchase our stock in the first quarter, reaching over $1bn during the first quarter of 2022 and we repaid $1bn of notes in March,” concluded Jonathan Halkyard, CFO and Treasurer of MGM Resorts International.