Operators in Michigan reported multiple new records in November, with total revenue from igaming reaching a historic high of $226 million (£177.9 million/€215.3 million).
The Michigan Gaming Control Board (MGCB) reported that the total revenue from internet gaming and sports betting for commercial and tribal operators in Michigan exceeded $284.3 million in November. This represents a 35.9% increase over last November and a 12.1% increase from October this year.
After deducting promotional expenditures, the adjusted total market revenue for the month was $240.4 million. This figure represents a 51.9% increase over the same period last year and a 15.3% month-over-month increase.
Michigan Sets New igaming Record
As was the case last month, igaming was a highlight for Michigan operators in November. Total igaming revenue grew by 28.9% year-over-year, and was 2.4% higher than the record $220.7 million set in October.
The adjusted total revenue from igaming reached $203.3 million, up 28.8% from the same period last year and 2.4% from October.
BetMGM and MGM Grand Detroit surpassed FanDuel and MotorCity Casino, leading the market in November with total gaming revenue of $59.7 million and adjusted revenue of $53.7 million.
FanDuel and MotorCity Casino were slightly behind, with total revenue of $57 million and adjusted revenue of $51.3 million. DraftKings and Bay Mills Indian Community ranked third with total revenue of $41.6 million and adjusted revenue of $37.4 million.
Online Sports Betting Records
Speaking of the sports betting market, total revenue in November was $58.3 million. This is a 72.0% increase over the same period last year and a 76.7% increase from October.
The adjusted total revenue from sports betting reached $37.1 million, approximately 264.8% higher than October and significantly above last year's $294,810.
In terms of betting amounts, online betting in November reached $650.2 million, setting a new record for Michigan. This amount is 6.0% higher than the previous record of $613.4 million set in December last year.
Statewide, the hold percentage was 8.97%, and the adjusted hold percentage was 5.71%.
FanDuel Reclaims the Lead
Among operators, FanDuel and MotorCity Casino remain market leaders. In November, they achieved total revenue of $22.1 million with a betting amount of $245.6 million, representing a 9.0% share.
DraftKings and Bay Mills Indian Community followed with earnings of $18.4 million (total revenue of $182.8 million) and held a 10.07% share. BetMGM and MGM Grand Detroit again ranked third, with earnings of $9.7 million (total revenue of $93.8 million) and a 10.34% share.
Other notable performers included ESPN Bet and Hollywood Greektown Casino, with total revenue of $2.4 million and a betting amount of $31.3 million. The hold percentage was 7.7%.
Following closely was Fanatics, in partnership with the Lac Vieux Desert Band of Lake Superior Chippewa Indians. They generated total revenue of $4.1 million from a betting amount of $36.6 million, resulting in a hold percentage of 11.20%.
Operators paid a total of $44.4 million in taxes and fees, including $42.5 million in igaming taxes and $1.9 million in sports betting taxes. Additionally, $5.2 million was paid by tribal operators to regulatory bodies.
