Online casinos and poker rooms in Michigan fell just short of a record month in revenue through January after generating $121.2m, down $600,000 from December.
Reported by PlayMichigan, revenue was “essentially flat” at $3.9m per day over the 31 days of January, as it remained consistent the $3.9m per day in December. Furthermore, January’s revenue generated $19.1m in state taxes and another $7.4m in local taxes and shares.
“As much as sports betting continues to grow, casino gambling remains the bedrock of the online gaming industry,” Eric Ramsey, an Analyst for the PlayUSA.com Network, which includes PlayMichigan said.
“With no competition imminent from neighbouring states, online casinos in Michigan will continue to grow and drive millions in tax revenue for the state.”
Alongside the state’s consistent casino performance, Michigan’s sportsbooks surged to more than $530m in January, resulting in the fifth consecutive month that its sports betting handle has set a record.
Online sportsbooks accepted a record $496.8m in wagers in January, up 2.5 per cent from $484.6m in December, according to official data released by the Michigan Gaming Control Board.
Combined with $36.6m in retail wagering at Detroit-area casinos, Michigan’s online and retail sportsbooks tallied $532.7m in wagering for the month, up 3.5 per cent from the previous record of $514.6m, which was generated in December.
“Momentum in Michigan for online sports betting and casino games continues to grow,” said Matt Schoch, Lead Analyst for PlayMichigan.com.
“Spring is coming, which means a seasonal slowdown in sports betting. But the fall and winter have proven that Michiganders are increasingly comfortable with online gaming in its various forms.”
FanDuel edged DraftKings with $132.7m in online wagers, up from $119.9m in December. Those bets generated a market-best $12.3m in gross revenue. DraftKings followed with $132.03m in bets, up from $120.3m in December. That resulted in $5.9m in gross revenue.
BetMGM was third, accepting $110.9m in online wagers, up from $108.7m in December. Those wagers yielded $10.9m in gross receipts.
“FanDuel, DraftKings, and BetMGM remain in a tight battle for market share,” Schoch added. “Each continues to pour significant investment into Michigan, showing that this is still one of the prized markets in the US.”