The online gaming operators in Michigan had a very successful July. The Michigan Gaming Commission (MGC) issued a report on Monday and stated that online gaming operators had revenue of $111.9 million for the month. Out of the total gross gaming revenue (GGR), iGaming contributed $92.3 million, while sports betting had $19.6 million in revenue, as well as a $188 million handle.
Additionally, the adjusted gross receipts of online gaming in July had a 24.6% month-over-month increase. This is mainly because the receipts for June were reduced by the first free play deduction of MGM Grand Detroit since the launch in January. Online betting and iGaming in this state launched at the end of January this year. Currently, around 14 operators are working in Michigan.
BetMGM Leads Rankings With the Highest Market Shares
The rankings in iGaming revenue in Michigan are led by the biggest brands in the US, which is no surprise. BetMGM is the top-ranked company with a $33.8 million revenue, which equals 37% market share. Recently, this giant launched a new project called Cheddar Bets.
FanDuel ranked second. This operator had revenue of $14.4 million or a market share of 16%. DraftKings also had a 16% market share and total revenue of $15.2 million. BetRivers came in with $6.8 million in revenue, or a 6% market share.
The list also includes Golden Nugget. It had $5.3 million in revenue, equating to a 6% market share. FOXBet came in with $3.1 million in revenue, or a 3.1% market share, and finally, Penn National Gaming/Barstool had $2.7 million in revenue, or a 3% market share.
For the sports betting side of things, FanDuel had $54.5 million and DraftKings had $53.4 million; that equals 29% of the market share for each operator. BetMGM came in third with $41.9 million or 22% market share, while Barstool Sports/Penn National brought in $13.6 million.
The iGaming Industry in Michigan Brought $17.1 Million in Taxes
Sports betting brought a total of $762,000 in taxes, but the iGaming industry contributed a lot more. The total tax revenue that iGaming brought for Michigan was $17.1 million.
Joseph Greff, an analyst from J.P. Morgan, stated that iGaming’s win per day was $2.98 million. Since the launch, the win per day has an average of $3.05 million, but the market shares were unchanged. The analyst’s statement continued with a few words on sports betting, as well. Greff said that the GGR of online sports betting had a 24% decrease month-over-month, while the market shares remained stable.
iGaming in Michigan, and in the US generally, continues to grow as many states are becoming lenient towards these activities and have legalized them or are in the process of making them legal.