The newest full-scale iGaming industry in the US experienced a month of landmark accomplishments in March. Michigan’s legal online casinos continue to raise the bar, nearly hitting the $90 million mark in March revenue.
Online sportsbooks in Michigan produced net combined profits for the first time, as state platforms appear ready to emerge from the early months of customer acquisition.
The Michigan Gaming Control Board released March online gambling revenue numbers Tuesday, and those figures point to a promising future for iGaming in the state.
MICHIGAN ONLINE SPORTS BETTING REVENUE MARCH 2021*
|MI Sportsbooks||Casino Partner||Online Betting Handle||Adjusted Gross Sports Betting Receipts||Internet Sports Betting State Tax**|
|FanDuel Sportsbook||MotorCity Casino Hotel||$107,196,819||$4,995,430|
|BetMGM||MGM Grand Detroit||$92,629,052||$6,378,487||$375,055|
|DraftKings Sportsbook||Bay Mills Indian Community||$76,504,589||$3,672,966|
|Barstool Sportsbook||Greektown Casino Hotel||$39,552,903||$3,583,819||$134,122|
|PointsBet||Lac Vieux Desert Band of Lake Superior Chippewa Indians||$14,192,739||-$36,491|
|William Hill||Grand Traverse Band of Ottawa and Chippewa Indians||$10,997,415||$127,115||$10,678|
|FOX Bet||Little Traverse Bay Bands of Odawa Indians||$6,997,278||$137,898||$934|
|BetRivers||Little River Band of Ottawa Indians||$4,769,583||-$25,828|
|TwinSpires||Hannahville Indian Community||$3,185,744||-$34,526|
|WynnBET||Sault Ste. Marie Tribe of Chippewa Indians||$2,249,239||$243,420||$15,141|
|Golden Nugget Sportsbook||Keweenaw Bay Indian Community||$789,792||$3,056|
|Four Winds Sportsbook||Pokagon Band of Potawatomi Indians||$385,009||-$64,258|
**tribal casinos pay 8.4% state tax; commercial casinos pay 5.88% state tax and 2.62% city tax
Michigan’s online sportsbooks posted net revenue losses in January and February, as free betting credits from pre-launch offers and welcome bonuses count against adjusted gross sports betting receipts.
The state’s dozen mobile sports betting apps appeared to move past the customer acquisition phase in March, however. Michigan’s online sportsbooks posted $18,981,089 in combined revenue, drawing from $359.4 million in mobile wagering handle.
FanDuel Sportsbook cleared the $100 million betting handle mark for March, but BetMGM led all Michigan online sportsbooks in revenue earned in March. As many as 15 different online sportsbooks could eventually operate in the Great Lakes State, and that competitive business model puts Michigan in a position to thrive in the legal US market.
The state collected $535,930 in online sports betting taxes in March. As the sportsbooks turn the corner on net losses accumulated in January and February, the state’s monthly revenue share will continue to climb.
MICHIGAN ONLINE CASINO REVENUE MARCH 2021*
|MI Sportsbooks||Casino Partner||Online Betting Handle||Gross Sports Betting Receipts||Adjusted Gross Sports Betting Receipts||Internet Sports Betting State Tax**|
|FanDuel Sportsbook||MotorCity Casino Hotel||$87,219,772||-$78,889||-$5,399,479|
|BetMGM||MGM Grand Detroit||$75,743,280||$5,317,546||$2,448,688||$140,841|
|DraftKings Sportsbook||Bay Mills Indian Community||$72,938,905||-$161,496||-$5,077,961|
|Barstool Sportsbook||Greektown Casino Hotel||$40,281,772||$1,894,529||-$1,302,825|
|PointsBet||Lac Vieux Desert Band of Lake Superior Chippewa Indians||$6,951,264||$1,105,629||-$532,004|
|FOX Bet||Little Traverse Bay Bands of Odawa Indians||$5,782,918||$641,864||-$126,779|
|William Hill||Grand Traverse Band of Ottawa and Chippewa Indians||$5,556,595||$449,317||$16,651||$1,399|
|BetRivers||Little River Band of Ottawa Indians||$3,593,987||$120,307||-$444,032|
|TwinSpires||Hannahville Indian Community||$1,897,812||-$18,098||-$277,366|
|WynnBET||Sault Ste. Marie Tribe of Chippewa Indians||$1,380,374||$128,581||-$63,170|
|Golden Nugget Sportsbook||Keweenaw Bay Indian Community||$497,693||$69,788||-$11,643|
|Four Winds Sportsbook||Pokagon Band of Potawatomi Indians||$12,680||$3,840||-$4,860|
**online casino revenue taxed at 20-28% based on earnings
Even the most optimistic expectations for Michigan’s iGaming launch probably didn’t forsee the success of online casinos right out of the gate.
Michigan’s mobile casino apps earned $88.7 million in March revenue, putting combined revenue over the $190 million mark so far in 2021. Online casinos are on pace to eclipse the $760 million revenue mark by the end of 2021.
More than one-third of that $190 million aggregate figure comes from BetMGM Online Casino, which has emerged as the top choice for online casino gaming among Michigan players. FanDuel Casino and DraftKings Casino take the No. 2 and No. 3 spots in the state, with an ultra-competitive market emerging in Michigan.
Can online casino revenues keep up this pace as land-based casinos increase capacity in 2021? Even as retail casinos return to business as usual, online casino gaming should retain a significant share of the momentum built so far since the Jan. 22 launch.
The monthly revenue reports from the Michigan Gaming Control Board can be viewed here.