In July 2024, Michigan online gambling saw impressive growth. The online gambling AGR rose by 24.7% compared to July 2023. The Michigan Gaming Control Board (MGCB) recently released detailed performance metrics, showcasing the sector’s ongoing success and the latest trends.
Online Gambling Growth in Michigan
Michigan’s online gambling sector reported a combined $220.9 million in gross receipts for July. This increase reflects a thriving market. The rise in both online casino and sports betting revenues highlights the sector’s expansion and consumer interest.
The growth in revenue is evident across various sectors. This trend shows the industry’s resilience and adaptability. As a result, Michigan’s online gambling landscape continues to prosper.
Digital Sports Betting: A Closer Look
In July, digital sports betting operators recorded an 11.3% hold rate. This is the fourth consecutive month with double-digit holds. Notably, it is the second-highest since digital sports betting began in January 2021.
Previously, the highest hold was 13.15% in September 2022. This month set a benchmark that still influences performance today. The ongoing success of digital sports betting indicates a strong market.
Online casinos in Michigan earned $191.4 million in gross receipts for July. This is up from $183.2 million in June. The AGR for online casinos was $172.3 million, marking a 24.7% increase from July 2023.
Sports betting gross receipts totaled $29.4 million in July. This is a slight decrease from $30.9 million in June. Despite this, the AGR increased by 5.2% year-over-year to $17.2 million.
The digital handle for July was $250.2 million. Although this is down from $276.8 million in June, it is up from $200.8 million in July 2023. FanDuel led with $93.4 million in bets and an AGR of $8.3 million. DraftKings followed with $69.7 million in handle and $5.9 million in AGR.
BetMGM reported a handle of $33.6 million. However, its AGR was only $188,016 due to high promotional spending. Fanatics and ESPN Bet were also competitive, with Fanatics achieving $13.6 million in handle and ESPN Bet $13.2 million.
Detroit’s three commercial casinos achieved a combined AGR of $106.3 million in July. MGM Grand led with $51.3 million. Greektown Casino and MotorCity Casino also contributed significantly. Together, these casinos paid $8.6 million in state taxes and $12.6 million to the city.
Retail casinos faced challenges, reporting a negative $399,229 in sports betting revenue for July. However, Michigan online gambling overall aggregate revenue, including $106.3 million from table games and slot machines, was positive at $105.9 million.
Conclusion
In summary, July 2024 data highlights significant growth in Michigan online gambling. With notable increases in AGR and strong performances in digital sports betting and online casinos, the industry shows a promising future. These insights provide valuable information for stakeholders and set the stage for future developments in Michigan’s online gambling market