Michigan's online gambling industry continues to grow, with the adjusted gross revenue (AGR) from online gambling and digital sports betting in July increasing by 3.2% compared to June.
Moreover, according to results released by the Michigan Gaming Control Board (MGCB), online gambling AGR grew by 24.7% compared to July 2023, and sports betting increased by 5.2%.
But the biggest news is the betting hold. According to the Sports Handle revenue database, digital sports betting operators had a win rate of 11.3% in July, maintaining double digits for the fourth consecutive month. This is the second highest hold rate since digital operators launched in January 2021.
The most successful month for operators was September 2022—the second football season since the launch of digital gambling. That month, operators held 13.15% of the betting amount.
In total, Michigan's online gambling commercial and tribal operators reported a combined revenue of $220.9 million (£169.4 million/€198.4 million). Michigan has three physical casinos in Detroit, plus nine tribal casinos statewide. There are also 12 mobile sports betting companies.
Online Casinos
In July, Michigan's online gambling operators generated total revenue of $191.4 million, up from $183.2 million in June. The average revenue in July was $172.3 million, a 24.7% increase from July 2023.
The state's 15 online gambling operators paid $36 million in taxes.
BetMGM and FanDuel (MotorCity Casino) ranked first and second in total revenue, respectively. BetMGM's total revenue was $50.7 million, and FanDuel's was $46.7 million. DraftKings (Bay Mills Indian Community) remained steady in third place, with total revenue of $37.1 million.
Sports Betting
Total revenue from sports betting in July was $29.4 million, down from $30.9 million in June. The betting hold in June was 11.2%. Online sports betting AGR was $17.2 million, a 5.2% increase from July 2023. Digital betting in July 2024 was $250.2 million, down from the previous month's $276.8 million but up from $200.8 million in July 2023.
Digital sports betting operators paid $1.1 million in taxes.
FanDuel, in partnership with MotorCity Casino, continued to lead the market with betting amounts reaching $93.4 million and annual revenue of $8.3 million. DraftKings, in partnership with the Bay Mills Indian Community, ranked second with betting amounts of $69.7 million and annual revenue of $5.9 million. Following them was BetMGM, with betting amounts of $33.6 million, but its promotional spending reached $4 million, resulting in annual revenue of $188,016, significantly lower than its competitors.
Fanatics, with a transaction amount of $13.6 million, ranked fourth in revenue and transaction amount, slightly ahead of ESPN Bet (transaction amount of $13.2 million).
