Overall, the casino market dipped slightly in April, posting $94.9 million in gross receipts. That was a small dip from the March figure of $95.1 million, but essentially flat month-over-month.
These numbers include online poker revenue from the two current poker providers, PokerStars MI and BetMGM Poker MI; MGCB does not break out the poker numbers specifically. That means it is unclear how much of the revenue generated by those two operators came from poker tables and how much from true casino action.
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However, BetMGM was able to increase its share of the market by 7% over March. Their gross revenue grew nearly 20% in April to top $30 million, giving them close to 40% of the Michigan casino market.
The only other operator to post increased revenue from March was Golden Nugget. It increased earnings to $3.9 million, a 14% increase from March, but they only represent around 4% of the total market. However, they are consistently growing month-over-month, so they could capture a larger share as the market matures.
Other Operators Not So Flush
The picture was not so rosy for other operators in the space. FanDuel and DraftKings, each with about 16% of the market in April, saw their revenue fall to about $15.5 million each, down from $17 – $19 million in March.
The remaining online casinos in the market collectively made up about 28% of the total revenue share in April. Rush Street was the biggest of the bunch at about $6.7 million, 7% of total market revenue. That was basically flat from March’s number of just over $6.7 million.
The second biggest of the lower third was Fox Bet MI, which includes PokerStars MI and PokerStars MI Casino, with 5% of the market. They saw their revenue drop significantly from March, however, with only $4.7 million in April compared to $5.8 million the month before.
Sports Betting Down
While the slight drop in casino revenues in April was essentially negligible, the same cannot be said for sports betting revenue. April sports betting in Michigan came in at just over $20 million in total revenue, not even 65% of more than $32 million raised in March.
That drop was mostly down to timing. Many professional sports seasons came to an end, reducing the sports action in general.
Still, there was a clear winner in the space. While FanDuel did see its revenue fall by about 10%, they still posted the best results of any sports book in Michigan. Their $7 million in revenue represented about 35% of the market.
Rivals BetMGM and DraftKings both saw much larger revenue drops month-to-month. BetMGM, which was the biggest operator in March, posted barely 63% of their March revenue in April. That drop allowed FanDuel to take over the lead in the market, while DraftKings remained in third with just 56% of their March revenue.
Sports betting should see an increase in the next few months as more summer sports come online, and it remains to be seen whether BetMGM can regain their lead in the sports betting ring. However, with the clear lead on the casino side, and a solid second place in sports book revenue, the future of BetMGM Michigan looks bright.