Michigan’s Online Casinos Hit a Record in October with Revenue of $141 Million – Sports Wagering Crossed the $500 Million Mark

October was a financially record-breaking month for Michigan's online casinos and poker rooms, bringing in close to $141 million.

Only in March 2022 did Michigan surpass Pennsylvania as the second-highest month for any US iGaming market after it was established.

Later that same day, numbers for October were provided by Pennsylvania and New Jersey, which also set records, lowering Michigan to fourth place overall. 

In October, sportsbooks in Michigan made $504.3 million, making it a solid month due to the five football weekends. The numbers went up 31.6% in September and 1.3% in October 2021. 

Five full weekends of NFL and college football in October, according to PlayMichigan's lead analyst Paul Costanzo, were a blessing for sportsbooks. As he said:

“The overall handling supports that. This was Michigan sportsbooks' best month since January, which remains the greatest month ever. The state of Michigan will certainly reach the $8 billion mark in lifetime sports betting wagers next month. However, internet casinos saw a record-breaking month by a wide margin, confirming once more that they can serve as the primary source of income for operators and states.”

Statistics for Michigan Sports Betting in October 2022

The Michigan Gaming Control Board has released October's top-line data for Michigan sportsbooks.  

  • Handle: $504.3 million ($480.8 million online). 

  • Revenue: $51.4 million ($49.2 million online).

  • Hold: 10.2%, a decrease from the previous month's 13.2%.

  • Month-over-month: Handled rose month over month by 31.6%. 

  • October sports betting taxes: Sports wagering generated $2,02 million in state taxes and $949,652 in local entities in October. 

FanDuel Sportsbook MI is the most well-known online sportsbook app with a handle of $145.4 million, and FanDuel Sportsbook MI is the most successful online sports betting app by revenue, generating $20.9 million. 

The Michigan Online Casino Revenue in October 2022

In October, Michigan's online casinos continued to be lucrative:

  • Online casino income of $141 million in October, up 9.5% from September.

  • $26.3 million went to the state and $10 million to local governments as tax payments. 

  • With $52.3 million in revenue, BetMGM Michigan is the most profitable online casino app in revenues. 

Three Takeaways from October's iGaming Data Demonstrate FanDuel's Significant Return

After ceding the top place to DraftKings in September, FanDuel has reclaimed it among Michigan's online bookmakers – and it did so with assurance. 

The leading sportsbook in the state historically brought in $145.4 million in handling income in October or 30% of the market. 

FanDuel's users also had a difficult month, which resulted in a high revenue number for the operator. Its last month's online sales of almost $20.9 million constituted 42% of the market, and its 14.2% hold was significantly greater than the state's 10.2% average. 

The Record Month of BetMGM’s Online Casino

It shouldn't be surprising that the state's leading operator also had a record-breaking month. A $2 million rise from the previous record, $52.3 million, was made in April at the BetMGM Michigan casino. 

For online casinos, Michigan owned a record-breaking 37% of the market. 

Although not the sole company in the state, BetMGM had its best month ever. FanDuel, DraftKings, Four Winds, and Eagle Casino & Sports all had record months in October. Eagle Casino & Sports made $3 million in revenue in a single month for the first time. 

Missing One Online Casino? Not Necessarily

Only 14 of the 15 available licenses were filled for the first time since mid-April. Yet despite this, Michigan's online casinos enjoyed their best month ever. 

Unexpectedly, Michigan's online casino income in April surpassed the mark with revenue of $132.4 million. The Eagle Casino & Sports, which opened on April 14, meant that it was only half a month.

The Hannahville Indian Community's TwinSpires online casino shut down at the beginning of September. It brought in $490 in October, probably through account settlement, which brought down the number of operators in Michigan for the month to 14. Naturally, this didn’t mean a lot.

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