Michigan Gaming Sets New Benchmark in September
In September 2024, Michigan’s sports betting and iGaming sectors achieved their second-highest gross revenue.
September’s GGR trailed just behind December’s $65.9 million record.
LISTEN TO THIS ARTICLE:During the month, the sports betting operators in the Great Lakes State reported $59.2 million in overall gross sports betting revenue. The total was up 29.8% from the same month last year and exceeded August revenue by over 100%.
September’s GGR trailed just behind December’s $65.9 million record and is also the sixth time monthly revenue has eclipsed $50 million since the state launched its sports betting market.
Total player spending in the month reached $523.8 million, an increase of 10.1% year-over-year. The rise in handle was primarily fueled by the start of the NFL and college football seasons.
Michigan's online sportsbooks invested heavily in promotional offers for the NFL and college football season kickoff, resulting in adjusted revenue of $28.3 million.
FanDuel Records Highest Sports Betting Revenue
FanDuel topped the state’s sports betting charts, generating $24.4 million GGR with a 13.5% hold from $180.1 million in player bets.
DraftKings followed with $17.4 million in revenue from a $155.9 million handle. BetMGM secured $9.3 million in winnings from $74.9 million in bets, its best month since March 2023.
Fanatics, formerly PointsBet, also recorded its highest-ever monthly revenue in the state, $2.8 million, off $23.9 million in wagers. The company, however, reported an AGR of $213,200 due to its significant promotional spending in the month.
Caesars and ESPN Bet accepted more bets than Fanatics, with $26.3 million and $25.7, respectively, but their revenue fell short, at $1.8 million and $1.7 million.
More Finance News
BetMGM Leads iGaming Market
Michigan's iGaming market reported a notable monthly increase, with gross revenue reaching $202.6 million, up 20.8% from the previous year. The revenue was also the second-highest monthly total, following March 2024’s record $215.2 million.
After deducting $20.3 million in promotional costs, the state's online casino operators saw an adjusted net revenue of $182.3 million.
With $1.7 billion in gross revenue earned so far in 2024, Michigan is poised to shatter last year's record of $1.9 billion in annual GGR.
BetMGM, partnered with MGM Grand Detroit, took the top revenue spot with $53.4 million, edging out FanDuel's $48.8 million.
Despite BetMGM and FanDuel’s dominance, their revenues remained unchanged from August. Conversely, Fanatics and Golden Nugget saw significant growth, with Fanatic’s revenue increasing 34% to $5.7 million and Golden Nugget surging 20% month-over-month.
September signaled the end of WynnBet’s presence in Michigan’s iGaming market, paving the way for Caesars’ Horseshoe Online Casino to take its place.
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Michigan Gaming Sets New Benchmark in September