The Michigan online casino segment continues its industry dominance with another consecutive month of year-over-year growth. This proves that online casinos, rather than sports betting, are the true breadwinner.
However, with only two weeks before the start of the 2022 NFL season, Michigan sports betting may have experienced its last down month of 2022 and could begin to catch up to online casinos.
Michigan online casino revenue growth
According to the Michigan Gaming Control Board, for July, online casino operators generated $126.6 million in iGaming revenue, a 4.2% increase from last month. The state collected $24.1 million in taxes while local entities enjoyed $10.1 million in tax revenue.
- June: $121.5 million in revenue
- May: $127.4 million in revenue
Similar to June, the top operator remains the BetMGM online casino which reeled in $48 million.
The other top operators include:
- DraftKings: $19 million
- FanDuel: $18.5 million
- BetRivers: $9 million
- Caesars: $6.2 million
- Golden Nugget: $6.2 million
- Barstool: $4.4 million
Breaking down year-over-year growth, each month in 2022 has been at least 34% higher in revenue than in 2021.
Percentage growth from 2021 to 2022:
- July 2021: 37.2%
- June 2021: 36.2%
- May 2021: 34.2%
- April 2021: 39.5%
- March 2021: 38.5%
- February 2021: 54.1%
Final slow month for MI sports betting?
Beginning with the high notes, sports betting generated $862,970 in tax revenue, while local entities collected $444,317. Meanwhile, online sports betting operators enjoyed a modest $22.9 million in total revenue.
As for the top betting app, that honor goes to the FanDuel Sportsbook with $60.1 million. In terms of market share, the Boston-based company holds an all-time online handle share of $1.75 billion (28%).
- DraftKings Sportsbook – $1.56 billion all-time online handle (25%)
- BetMGM Sportsbook – $1.41 billion all-time online handle (23%)
Michigan has 15 online sports betting operators.
Now for the low notes. Michigan sportsbooks reported a total handle of $225 million, down 23.1% from June’s $292.4 million. However, it’s still 9.1% from July of 2021.
Typically, the industry experiences low numbers in the summer months. Neighboring Indiana, Illinois and Iowa all experienced slight decreases in gaming revenue and sports betting handle in June.
However, with the NFL betting season scheduled to begin Thursday, Sept. 7, sports betting across the US will undoubtedly return to its record-setting self.