Detroit casinos turn sports betting losses to profits in March
Michigan casinos handled $ 395.5 million worth of mobile sports betting last month – a 19 percent increase from the previous month and the highest since online betting started earlier this year.
Most operators also saw significant profit increases during the betting-heavy month of NCAA March Madness basketball, according to a monthly revenue report from the Michigan Gaming Control Board. Many casinos have simplified their promotions and free bets after giving them generously in the beginning to attract customers.
MotorCity Casino Hotel, whose mobile sports betting provider is FanDuel, handled the largest number of mobile sports bets in March – $ 107.2 million – and posted adjusted gross revenues of nearly $ 5 million after it was in both January and the February suffered losses of $ 5 million.
MGM Grand Detroit, a partnership with BetMGM, captured the second largest market share with $ 92.6 million in mobile sports betting and $ 6.4 million in adjusted gross revenue. Greektown Casino Hotel and its partner Barstool Sports generated $ 39.6 million in mobile sports betting and gross adjusted revenues of $ 3.6 million.
“It looks like March Madness gave the sports betting handle a boost, up 19.1 percent from February, and internet gaming seemed to be growing in popularity as monthly adjusted gross earnings rose 18 percent from February said Richard Kalm, executive director of the gaming control card.
For non-sports internet betting, Michigan casinos reported gross revenues of $ 95 million in March, up from $ 79.7 million in the previous month. MGM led the category with $ 30.8 million internet stakes, followed by MotorCity with $ 18.9 million and Greektown with $ 3.9 million.
Michigan casinos paid the state $ 17.3 million in Internet gaming taxes and $ 535,930 in mobile sports betting taxes to the state in March. Detroit casinos paid the city $ 4.9 million in internet betting taxes and $ 326,462 in mobile sports betting taxes.
Local activity also increased as the casinos continue to operate below a 30 percent capacity limit due to the COVID-19 pandemic. The three casinos in Detroit had sales of $ 113.8 million in March, up 28 percent from February and almost double the year before when Michigan closed casinos and other businesses due to the pandemic.
MGM Grand had 39 percent of the market share with sales of $ 43.2 million, MotorCity had 38 percent of the market with $ 42 million, and Greektown had the remaining share of $ 25.6 million.
The three casinos paid $ 9 million in taxes to the state for retail betting in March and delivered $ 13.2 million to the city of Detroit.