Online Casino Profits
Profit-Casino is an online Casino Games site. linkToProperty=false ip=157.55.39.92 countrycode=US siteUrl=Javascript:Play(15548) hasActiveContract=No advanced search. Payouts (the amount the casino returned to gamblers in the form of winnings). Revenue (handle minus payouts and other credits). Taxes (the amount of tax that the casino paid to the state). Online casino revenue was last updated on Nov. 24, 2020, reflecting numbers through the week ending Nov. A few things to keep in mind when.
Michigan’s online casinos experienced their best month in August, recording record revenues of $97.2 million, according to data released by the Michigan Gaming Control Board last week.
August numbers are out and the NJ online casino revenue streak of $100-million performances remains intact. The New Jersey Division of Gaming Enforcement released the latest figures last week, and August’s online gambling total came in at $113.2 million, good enough for the No. 3 spot on the all-time chart (more on this below). 1 The best online casinos with no tax – 5.3% more profits. 2 This is why you should play tax-free in casinos. 3 Provider with tax = 5.3% less profit. 3.3 Fair Play & Magic Casinos.
The banner month pushes the overall revenue from online casinos and poker play in Michigan to $672.6 million since January when it went live. Online casino gaming revenues increased from July to August by 5.3 percent. Thus far, $166.6 million has been paid by operators to the State of Michigan from online casino revenue.
Online casino gaming raised $17.9 million in state taxes in August of 2021, with $4.9 million in taxes for the City of Detroit. According to the MGCB, there was almost $2 million in payments to tribal governments.
Live Dealer Games Fuel Record Month
The month of August was the first full month of live dealer casino games in the State of Michigan. That helped push revenue to the record number. The previous high month was March, when online casinos reported $95.1 million in revenue.
Live dealer blackjack, roulette, and baccarat launched in Michigan in late July. The popular games are currently available at ten Michigan online casinos.
Sports Betting Expected To Soar With Football Season Underway
Online casinos have outperformed online sports betting in Michigan, with that gap widening in August. According to the MGCB, sports betting operators handled $192.3 million in online wagers for the month of August, with a resulting gross of $15.9 million.
But two things happen in Michigan in September: the leaves turn orange and football season kicks off. It’s expected that figures from September will show a spike in handle and gross for sports betting in the state. Both the Michigan Wolverines and Michigan State Spartans are off to strong starts, and betting has been spirited on the Detroit Lions.
August was a slow month for sports betting in part because there was little opportunity: only the Detroit Tigers were in action, and the team has been mediocre this year and is only slowly generating interest from fans.
When adjusted for deductions from free-play incentives, Michigan sports betting grossed $7.5 million in August, and as a result operators paid $540,706 in combined state taxes.
Michigan’s online casino market slipped 6% to $89.2 million in June, down from $94.9 million in May, marking the end of a three-month plateau in gross receipts, according to data from the state Gaming Control Board (MGCB).
The MGCB does not break poker out separately from its casino revenue data, so its contribution to the final total is not known. PokerStars MI and BetMGM Poker MI are the only two operators licensed to provide online poker in the state, although WSOP MI is expected to launch soon.
BetMGM remained tops among operators for revenue and market share, the latter of which was flat at 38%. But revenue fell for the third consecutive month to $33.8 million, down 6.5% from the $36.1 million the operator grossed in May and a peak of $36.8 million in April.
DraftKings and FanDuel traded second and third place in terms of market share and revenue. DraftKings’ revenue declined by 1.3% to $15.5 million in June, while FanDuel’s revenue dropped 9% to $14.8 million. DraftKings and FanDuel held 17.5% and 16.5% shares of the market in June, respectively. It was the only time since the market’s inception in January that DraftKings ended a month ahead of FanDuel, although the pair have performed about the same every month.
Golden Nugget Continues to Grow
Among operators in the middle of the pack, fifth-place Golden Nugget is the only one to be trending upward since the market’s inception in January. It had $4.3 million in online casino revenue and nearly 5% of the market in June, up from $3.8 million and 4% in May.
Rush Street grossed just under $6 million in online casino revenue and held about 6.5% of the market in June, down from $6.6 million and 7% in May. It held on to fourth place for the fourth consecutive month, but its revenue and market share both declined.
Wynn saw its revenue and market share both decline in June but it was able to keep pace enough to jump into sixth place. Wynn grossed $3.9 million in online casino revenue in June, down from $4.3 million in May. Its market share slipped to just below 4.5% in June, after having been just above that mark in May.
FoxBet/PokerStars and Penn Sports/Barstool had a rough June. Revenue for FoxBet/PokerStars declined for the third consecutive month and was $3.3 million in June, down from $3.8 million in May and a peak of just under $5.8 million in March. Its market share was about 3.5% in June, down from 4% in May.
At Penn Sports/Barstool, revenue declined for the fourth month in a row to $2.8 million, down from $3.4 million in May and a peak of $5.2 million in February. The operator’s market share fell to about 3% in June, down from 3.5% in May.
FireKeepers Joins the Fray
Most of the smallest online casino operators in Michigan saw their revenue and market share decline in June, but Pala Interactive and Parx Interactive posted gains and FireKeepers Casino was a new market entrant.
FireKeepers, owned and operated by the Nottawaseppi Huron Band of Potawatomi, reported just under $12k in online revenue in June, when online gaming was made available to a limited number of VIPs. A full launch was authorized by the MGCB on July 12.
Pala saw its revenue and market share increase to $2.1 million and 2.3% in June, up from $1.8 million and 1.9% in May. At Parx, revenue and market share went up to $585k and 0.7%, up from $506k and 0.5%. Parx launched in the Wolverine State in April.
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TwinSpires, PointsBet and William Hill had revenue totals of $1.4 million, $515k and $173k in June, respectively, all of which were lower from May. PointsBet debuted in Michigan in May.