Michigan's online casinos set new record in April

The Detroit News
 
Michigan's online casinos set new record in April
BetOnline

Michigan's online gambling operators brought in $163.1 million in April, essentially flat compared to March results — but the month brought a new record for online casinos in the state.

Internet gaming generated a record $132.4 million in revenue last month, surpassing the previous record of $131.7 million set in March, according to figures released Tuesday by the Michigan Gaming Control Board. Revenue tied to online sports betting, meanwhile, totaled $30.7 million.

Without football or the majority of the NCAA Tournament, sports betting inevitably slowed in April,” Paul Costanzo, lead analyst for PlayMichigan.com, said in a statement Tuesday. “One of the many reasons why online casino revenue is so important for operators and for the state, is that it produces consistently, month after month.”

Adjusted gross receipts — which include deductions for the monetary value of free-play incentives provided to and wagered by bettors — totaled $136 million for the two types of online gambling last month. Adjusted gross receipts tied to internet gaming were up 0.6% from March; those tied to online sports betting were up 13.9%. 

Year-over-year, they were up 34.4% and 53.5%, respectively.

For the month, the internet sports betting handle — or, the amount wagered — was $371.2 million, up nearly 49% year-over-year but down 17.8% from March. Including retail sports betting, which the state reports separately, Michigan's sportsbooks' handle for the month was $396 million, according to PlayMichigan.com, which noted that sportsbooks are likely seeing the start of a seasonal slowdown before football season kicks off.

The state's online gambling operators submitted $25.2 million in taxes and payments to the state for the month. The three Detroit casinos — MGM Grand Detroit, MotorCity Casino Hotel and Greektown Casino — paid the city $7.2 million in wagering taxes and municipal services fees tied to online gambling in April. And tribal operators made $2.7 million payments to governing bodies.

“The clear take away from the first four months of the year is that Michigan’s online gaming industry isn’t close to reaching its ceiling yet,” Eric Ramsey, an analyst for the PlayUSA.com network, said in a statement. “Even with headwinds affecting the wider economy, that growth should continue through at least the end of the year and likely well after.”

In April, 15 operators in the state were authorized to operate both forms of online wagering.

Last week, the gaming control board reported that the three Detroit casinos last month generated $118.7 million in revenue tied to in-person table games, slots and sports betting. 

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