Sports betting and online casino handle roundup (January 12)

Detroit’s December casino revenue rises but falls across 2023

Three Detroit casinos have reported $116.2m in monthly aggregate revenue for December, with the lion’s share coming from table games and slots.

Table games and slots saw the biggest month-on-month increase, rising by 46.6% to $111.4m across the period.

In terms of market share, MGM achieved the highest revenue with $50.6m but was the only casino to see table game and slot declines in December. MotorCity and Hollywood Casino both increased their revenue by 5.1% and 7.5%, respectively,

Sports betting qualified adjusted gross receipts (QAGR) sat at $4.8m on the back of $30.4m in handle.

In the last month of 2023, the three Detroit casinos collectively paid $9m in gaming taxes to the state of Michigan while also submitting $13.8m in wagering taxes and development agreement payments to the city of Detroit. 

Looking at the overall annual revenue figure for full year 2023 there was a 3.1% decline year over year (YOY), with the three casinos generating a combined total revenue of $1.24bn. 

Table games revenue totaled $238.7m, while slots accounted for $984.1m, and sports betting QAGR represented $14m.

MGM led the way with 46% market share, followed by MotorCity at 31%, and Hollywood Casino taking 23% share of the market. 

Iowa reports a 29% yearly increase in sports betting revenue in December

The Iowa Racing and Gaming Commission has revealed sports betting revenue rose by 28.9% YOY in December 2023 to $26.3m.

Revenue was up from the $20.4m recorded in December the previous year, with online sports betting accounting for the majority of this figure.

Total online sports betting revenue amounted to $23.6m in revenue and retail wagering represented $2.7m.

The state took $1.8m in sports betting taxes from wagering across December.

ESPN Bet made waves in Iowa in but missed out on the podium having taken $18.9m in wagers during the month, with DraftKings taking the top spot in terms of handle. 

Maryland posts consecutive record month for online sports betting handle

Maryland Lottery and Gaming has reported the Old Line State took its highest ever total sports betting handle of $559.8m in December, up from the previous record of $550.7m in November. 

Of this figure, $541.7m was bet online, translating to 96.7% of all bets in percentage terms.

DraftKings was the clear leader of the pack, taking in $167.1m in total bets in the final month of the year. 

BetMGM took the silver medal position with $35.9m in handle, with Caesars coming in third with $24m taken in bets.

Maryland’s operators contribute an obligatory 15% of their taxable wins to the state, with December’s figures amounting to $43.2m. The proceeds are allocated to Blueprint for Maryland’s Future, a government-led fund which supports public education in the state.