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Michigan is becoming the benchmark by which online gambling operators are measuring their success. During the fewer than four months since Michigan launched iGaming, the state’s seen more than $280 million in revenue in that pair of verticals (online casino and online poker), according to numbers released today by the Michigan Gaming Control Board (MCGB).
That figure includes nearly $95 million in Michigan’s online gambling gross receipts in April. However, after deducting operators’ promotional costs – like free play incentives – that total shrinks to about $89 million.
The MCGB further adds that since launch on Jan. 22, Michigan’s online sportsbooks generated nearly $14 million, post-promo costs.
Perhaps in a sign that it’s taken longer for online sports betting to become lucrative, because April’s revenue represented a large chunk of that change, at nearly $11 million. Or it could be due to the fact that Michigan is still seeing new operators enter the state. In today’s announcement, the MCGB noted the lucky number of 13 operators.
The operator that continues to see the most revenue, BetMGM, was the benchmark Caesars Entertainment leaders used in order to decide to invest more in US online gambling. It no doubt feels validated by today’s report of BetMGM’s adjusted iGaming revenue approaching $37 million in April, leaving it at No. 1.
Caesars doesn’t currently operate in the state under its own brand, but William Hill does and Caesars acquired that company in April. It will soon switch William Hill’s US operations over to its own brand.
MI online gambling revenue highlights – April 2021
Adjusted online gambling revenue seemingly only inched up during April, at $88.9 million vs. $88.7 million in March. However, it’s too early for Michigan’s market to plateau, so this warrants a deeper dive.
Once the MCGB removes promotional costs, April’s daily average revenue from iGaming was $3 million. That’s noticeably higher than March’s $2.9 million and February’s $2.7 million.
While MGCB Executive Director Richard S. Kalm termed it a “slight” increase, it’s important to note that April’s players had one fewer day to gamble than they did during March. Also, that daily was especially necessary to consider during February’s 28 days.
Online gambling taxes and payments generated $17.8 million for Michigan in April, up from the prior month’s $17.3 million.
The online sports betting vertical fed $312,824 into Detroit’s city coffers, Michigan’s schools, economic development and tribal communities. That amount was lower than March’s $535,930, which Kalm believes the state saw due to Michiganders’ excitement about March Madness.
MI market analysis, by operator
Ever since Michigan launched online gambling, BetMGM’s been the leader.
As its name implies, BetMGM is 50% owned by luxury retail casino and hotel brand MGM Resorts International. Entain is responsible for the other half.
Teamed with its namesake land-based casino, MGM Grand Detroit, BetMGM Casino generated an adjusted revenue of $36,813,468.11 during April. That far surpasses even its closest competitors – FanDuel, the US market leader; and DraftKings.
BetMGM’s total was more than 2.6 times greater than that of each member of the duo. FanDuel had more than $14 million in online gambling revenue during April and DraftKings generated slightly less.
Added together, the Big Three generated nearly $65 million in iGaming revenue during April, leaving the rest of the operators’ nearly $24 million in revenue in the dust.
In the end, BetMGM is 2.6 times ahead of its nearest competitors and the collective Big Three are outpacing revenue of the remaining operators by more than 2.7 times.
Unless Caesars succeeds at shaking up the revenue jar, this seems like a tale that may be repeated next month.
Meanwhile, the online casino that launched on April 23 – Parx Interactive – brought in $162,082.64 in adjusted revenue by April 30.
MI sports betting – April 2021
Michigan’s sports betting handle dropped more than 30% to $250 million in April, which Kalm credits to withdrawal symptoms from March Madness joy. Indeed, sports wagers during March had seen a 19.1% since February.
Analyzing the April blues via a daily average shows Michiganders bet $8.3 million a day on sports. During March, the day-to-day handle averaged $11.6 million. April’s average even dipped below that of February’s, which was $10.8 million.
As impressive as the handle is, Michigan sportsbook apps generated $10.88 million in revenue in April, after deducting promotional expenses.
From the Jan. 22 launch until April 30, online sports wagering gathered $20.38 million in total gross sports betting receipts. Part of the reason for that seemingly small number is that during January, Michigan saw negative sports betting revenue.
For more detail on the Michigan sports betting market, see the latest coverage at Legal Sports Report.
MI online gambling revenue breakdown
For iGaming aficionados, the table below provides a plethora of data. The dollar figures represent taxable revenue, which is adjusted to remove promotional costs.
|Operator||Apr. Total||Mar. Total||Change (Daily Avg.)|