BetMGM
PlayMichigan.com: Online sportsbooks make modest gains while online casinos set revenue record
Volume at Michigan’s online sportsbooks narrowly ticked up in August to more than $192 million, pushing Michigan past $2 billion in online and retail wagering for the year. The modest gain did not lead to more revenue, though, as sportsbooks set the stage for four of the busiest months of the year, according to PlayMichigan, which analyzes and researches the state’s regulated online gaming and sports betting market.
“August marks the beginning of the most important stretch of the year for sportsbooks,” said Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayMichigan.com. “It only takes a few college games, the NFL’s preseason and futures bets to show the importance of football to the industry. But the small number of games in August is merely a precursor for the next four months.”
Michigan’s online sportsbooks took in $192.3 million in bets in August, up 2.3% from $188.0 million in July, according to official data released Thursday by the Michigan Gaming Control Board. With $16.3 million in retail wagering in August, which was announced earlier this week, Michigan’s online and retail sportsbooks accounted for $208.6 million in wagering, up 1.1% from $206.3 million in bets in July.
Gross gaming revenue from online betting fell 18.8% to $15.9 million from $19.6 million in July. With retail revenue included, the state’s sportsbooks combined to win $17.5 million for the month, a drop of 15.6% from July. Taxable revenue from online bets landed at $9.2 million, which generated $757,405 in state and local taxes.
The relatively modest bump in sports betting volume was enough to push past $2 billion in online and retail wagering all-time, and for the year. Michigan sportsbooks have tallied:
- $2.2 billion in wagering since launch, including $2.1 billion this year alone.
- $189.0 in gross gaming revenue, including $170.8 million in 2021.
- $8.9 million in state and local taxes, including $7.4 million in state and local taxes this year.
“The hot start after launching online betting in January was the key in hitting $2 billion in wagering this soon, but it is remarkable growth, no matter how you view it,” said Matt Schoch, lead analyst for PlayMichigan.com. “Tax revenue has been somewhat underwhelming so far. As the market continues to mature, and promotional spends begin to slow, hopefully tax revenue improves.”
DraftKings took the online market lead with $61.4 million in wagers, up from $53.4 million in July. Gross gaming revenue rose to $4.4 million from $3.1 million in July. FanDuel fell to No. 2 in the state with $47.7 million in wagers, down from $54.5 million in July. The bets in August produced a market-best $4.8 million in gross sports betting revenue, down from $7.8 million in July.
BetMGM was third in the state with $43.7 million in wagers, up from $41.0 million in July. That total produced $3.9 million in gross receipts, down from $5.0 million in June.
The online market leaders were followed by:
- Barstool ($13.1 million handle, down from $13.6 million in July; $741,707 gross revenue, down from $1.4 million)
- Caesars ($10.0 million handle, up from $7.5 million; $162,383 GGR, down from $252,708)
- PointsBet ($6.2 million handle, down from $7.8 million; $939,617 GGR, up from $849,524)
- BetRivers ($3.1 million handle, up from $2.6 million; $236,884 GGR, up from $224,089)
- Fox Bet ($2.5 million handle, down from $2.7 million; $328,911 GGR, up from $252,873)
- FireKeepers ($1.1 million handle, up from $367,354; $109,987 GGR, up from $44,048)
- TwinSpires ($1.0 million handle, even with July; $109,846 GGR, down from $138,911)
- WynnBet ($883,496 handle, down from $2.3 million; $95,820 GGR, down from $357,718)
- Golden Nugget ($668,503 handle, up from $623,977; $3,049 GGR, down from $98,615)
- Four Winds ($483,992 handle, up from $318,987; $16,666 GGR, down from $35,979)
- Parx ($455,331 handle; $87,231 GGR)
“Football is not only the main draw for most existing bettors, it is also the primary vehicle for each sportsbook to grow its customer base,” Schoch said. “The promotional offerings and seemingly wall-to-wall advertising that we’ve already seen shows how aggressive Michigan’s operators are and will continue to be over the next couple months.”
Online casinos and poker set fresh record
Gross gaming revenue at Michigan’s online casinos and poker rooms rose to a record $97.2 million in August, up 5.3% from $92.3 million in July. August’s revenue was up to $3.1 million per day over the 31 days of August from $3.0 million per day in wagers over the 31 days of July. That total yielded $17.9 million in state taxes and $6.9 million in local taxes.
August marked the fifth time in the past six months that revenue topped $90 million. August also was the first full month of live dealer online casino games, which launched in late July, helping to boost revenue.
Since launching in January, online casinos and poker rooms have generated $672.6 million in revenue and $166.6 million in state and local taxes.
“Michigan’s online casinos continue to grow, and with live dealer games now in the fold, there is no reason to believe that will end soon,” Ramsey said. “For all the interest in sports betting, it is the state’s online casinos that have proven to be the bigger benefit to the state, dwarfing sports betting in tax revenue.”
Other highlights from August:
- BetMGM/MGM Grand Detroit topped the online casino and poker market with $39.7 million in gross gaming revenue, which yielded $10.5 million in state and local taxes.
- FanDuel/Motor City was second, with $14.2 million in gross receipts and $3.7 million in state and local taxes. DraftKings/Bay Mills was third with $12.6 million in gross receipts, producing $3.2 million in state and local taxes.
For more information and analysis on regulated sports betting in Michigan, visit PlayMichigan.com/news.
Swedish gaming giants’ games now live with leading US operator in Michigan, West Virginia, New Jersey, and the Keystone State
Play’n GO, the world’s leading casino entertainment provider, has today announced further expansion of its partnership with leading US operator BetMGM,with the Swedish gaming giant’s content now available with the group in Pennsylvania.
Play’n GO and BetMGM’s US partnership has already proven stunningly successful in Michigan, New Jersey, and West Virginia, and this expansion sees the partnership extend to a fourth US state. Having secured its Pennsylvanian gaming license in March, Play’n GO is now live with two operators in this key state. BetMGM players in Pennsylvania now have access to classic Play’n GO titles, such as Reactoonz.
Play’n GO is now licensed in six US states and is aiming to be active in every regulated market, in the US and around the world.
Magnus Olsson, Chief Commercial Officer at Play’n GO said: “We’re pleased to expand our partnership with BetMGM into a fourth US state, and look forward to continued success together. We have always been committed to a safe, regulation-led industry to secure a sustainable future for us all. BetMGM share our vision, and so are a perfect partner for us. We will continue our mission of being active in every regulated market around the world, and we’re excited for further growth opportunities well into the future, in the US and beyond.”
BetMGM has announced a partnership with GameCode, a distinguished iGaming company focused on the North American market. The partnership includes the launch of Boom Boom Boom, HammerCash, Gold Gold Gold and Super3 series which are now live at BetMGM in Michigan and New Jersey through direct integration. BetMGM plans to offer GameCode’s full portfolio of games in all jurisdictions where the operator’s iGaming platform is live pending regulatory approvals.
GameCode’s portfolio of slot titles are built on innovative and one-of-a-kind mechanics. They develop a deep understanding of players’ tastes, and it enables them to develop games that deliver a unique and immersive experience. The initial lineup of titles includes Gold Gold Gold Miners Way, Gold Gold Gold Lions Way, HammerCash, CashPile, Triplestones, and the top performing Boom Boom Boom. Boom Boom Boom is an American-themed 5-reel, 3-row video slot featuring Wild Multipliers and the hold and respin feature on multiple reel sets.
“Boom Boom Boom and other GameCode titles have already proven to be strong performers in their first few weeks of launch at BetMGM. Our mission is to always innovate with in-house, exclusive content with Entain and partners like GameCode to provide our players with an iGaming experience that rises above the rest. This will continue to position us as a destination for players and first choice for suppliers of premium content,” Oliver Bartlett, Vice President of Gaming Product & Content at BetMGM, said.
“At GameCode, we focus on creating good games rather than disposable online gaming content. With experience gained in North American land-based casino, we provide a unique understanding of the market and player needs. We aim to make an impact with each title we release and so far we do so. We innovate at a pace that is difficult to catch up with, providing something new every time we launch a title that players have not seen before. So far, in the states we are live, GameCode’s titles are at the top of the rankings. More is coming,” Matt Hanski, Chief Executive Officer at GameCode, said.
“I’m excited to announce our launch with BetMGM, introducing advanced online slot games powered by our robust in-house technology. These games are hosted on our state-of-the-art Remote Gaming Server (RGS) which is the backbone of its performance and security. It is a long-term play to develop and maintain a RGS that is designed with multiple layers of protection, ensuring the highest standard of data security and integrity in compliance with U.S. regulations. This launch is a testament to our dedication to providing secure, reliable, and immersive gaming experiences,” Wojciech Ziniewicz, Chief Technology Officer at GameCode, said.
Prove Identity Inc., the global leader in digital identity, announced a strategic partnership with BetMGM, a sports betting and iGaming leader, to enhance the security and user experience for BetMGM customers through the cutting-edge Prove Pre-Fill identity solution.
Prove Pre-Fill accelerates digital consumer onboarding by up to 79% and is used by more than 1000 businesses globally across diversified industries, including 9 of the top 10 banks. This collaboration marks a significant milestone in Prove’s journey toward providing seamless and secure digital sports betting and casino services in the U.S. states where BetMGM operates, pending regulatory approval.
“BetMGM is an innovator in the space, always looking to find new and compelling ways to improve the online gaming experience. Prove Pre-Fill is the latest example of that and allows customers to get access to the content they desire faster than ever before through the identity verification process, enabling them to take full advantage of BetMGM’s vast product offerings,” Tom Hill, Director of Digital Identity and Head of Sports Betting and iGaming at Prove, said.
“We’re committed to providing customers with a seamless and secure sports betting experience, and our partnership with Prove is a testament to that safe bet. Prove Pre-Fill adds an extra layer of security, reduces sign-up abandonment, and improves the overall user experience by streamlining the identity verification and authentication processes. Users can now enjoy the BetMGM sports betting and casino experience faster and with greater peace of mind,” Adam Greenblatt, CEO of BetMGM, said.
Key Highlights of the Partnership:
- Streamlining User Onboarding: Prove Pre-Fill technology will revolutionize the onboarding process for BetMGM users, minimizing sign-up abandonment rates. By simplifying and expediting account creation, BetMGM aims to provide a frictionless experience from the start.
- Preventing Bonus and Promotion Abuse: Prove’s solutions will be crucial in preventing rampant bonus and promotion abuse – for example, using the same bonus code multiple times normally intended for only first-time users – within the BetMGM digital sports betting and casino platforms. This ensures a fair and secure user environment, fostering a trustworthy and enjoyable gaming experience.
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