Michigan Sets Online Casino Revenue Record In October With Over $220 Million In Gross Receipts
Online sports betting handle was up slightly over September, but the books held under 6%
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Michigamblers sure do love their legal iCasino gaming.
The October revenue numbers, reported Tuesday afternoon by the Michigan Gaming Control Board, saw a new record set for the state’s online casino operators. They reaped $220.7 million in gross receipts, breaking the state record of $215.2 million set in March, and posted $198.6 million in adjusted gross receipts (after promo deductions), also breaking a record set in March.
The 15 iCasino operators in Michigan combined to pay $41.5 million to the state in internet gaming taxes on the month. They also paid $10.2 million in taxes to the city of Detroit, as well as $5.2 million to tribal governing bodies.
Photo finish for first
The tug of war between FanDuel Casino and BetMGM Casino for the top revenue spot in the state proved tighter than ever in March, with FanDuel winning by a mere $10,000. FanDuel posted $56.17 million in gross receipts, with BetMGM just behind at $56.16 million.
For the year, through 10 months, MGM still leads, $515.3 million to $496.8 million.
DraftKings Casino landed in its typical third position, with just a hair over $40 million in gross receipts.
Caesars vs. BetRivers is always a close call for fourth place, and this time it was the former that pulled it out, with $14.3 million, to $14.2 million for BetRivers.
The rest of the rankings were as follows:
- Golden Nugget, $9.1 million
- Fanatics, $6.4 million
- ESPN Bet $5.3 million
- Four Winds, $4.2 million
- Soaring Eagle, $3.5 million
- BetPARX, $3.1 million
- Horseshoe, $2.8 million
- PokerStars, $2.6 million
- Firekeepers, $2.2 million
- SI, $611,000
Total gross receipts for the year for all operators has climbed to $1.97 billion, surpassing the full-year 2023 total and guaranteeing that this is the biggest online casino year in Michigan history.
Bettors doing better
October was a fascinating month on the sports betting front. With football in full swing, online betting handle rose 11.7% from September to October, landing at $560.4 million. But gross receipts were down significantly, from $58.4 million in September to just $33 million last month.
One month after holding 11.6%, the sportsbooks held just 5.8% in October. There simply weren’t as many upsets in October to help bust up the popular public parlays.
FanDuel Sportsbook was tops in the state in betting handle at $211.3 million, and DraftKings came in second at $159.9 million. Remarkably, DraftKings ended up in the red for the month after factoring in promo payments — one of four online sports betting operators in Michigan that lost money for the month.
