Press Releases

PlayMichigan.com: First full month a winner for online casinos, sportsbooks

Published

3 years ago

March 17, 2021

PlayMichigan.com: First full month a winner for online casinos, sportsbooks

Michigan’s online sportsbooks extended their record-breaking debut into February with more than $300 million in bets in their first full month after launch, becoming the sixth — and by far the earliest — state to surpass that milestone. This total comes while online casinos hit their own impressive milestone, with Michigan becoming just the third state to reach more than $75 million in gross receipts. It adds up to an online debut unlike any other in U.S. history, according to PlayMichigan, a leading source for news and analysis of the Michigan gaming market.

“Michigan’s gaming industry traveled a winding road before January’s launch of online sportsbooks and casinos, but it is difficult to imagine how an online debut could have gone any better,” said Matt Schoch, analyst for PlayMichigan.com. “It took less than 40 days to transform Michigan into one of the largest U.S. gaming markets. Operators’ enthusiasm for the state before launch has proven prescient.”

Anchored by Super Bowl betting, February brought $301.9 million into Michigan’s online sportsbooks, according to official data released Tuesday by the Michigan Gaming Control Board. That was up 162.1% from $115.2 million in bets taken during the final 10 days in January, though the per-day average dipped slightly to $10.8 million in February from $11.5 million in January.

February’s bets yielded $9.5 million in total gross sports betting receipts, down from $13.3 million in January. With the Super Bowl as a typical promotion-heavy event, taxable revenue fell to a $10.8 million loss after a combined loss of $5.2 million in January. The state still eked out a $142,240 injection into state coffers.

Michigan’s hot start has rocketed the state toward space only occupied by the largest U.S. sports betting markets. Combined with $23.7 million generated by retail casinos, Michigan sportsbooks took in $325.6 million in bets in February. That supplants Indiana, which tallied $273.9 million in online and retail bets in February, as the nation’s No. 5 market. The nation’s four largest markets, New Jersey, Nevada, Pennsylvania, and Illinois have yet to report February data, but all four will likely top Michigan.

“Michigan has long had the potential to be a Top 5 market, but its rapid ascent shows just how much pent-up demand was unleashed,” said Jessica Welman, analyst for PlayMichigan.com. “As exciting as the early returns are, though, we’re still in a period where enthusiasm is in part a product of legal betting still being novel. That said, there is no reason to believe that the market’s growth will stop after enthusiasm normalizes.”

Now with 12 operators, the race for market share is as intense in Michigan as anywhere in the country. FanDuel, which partners with MotorCity Casino in Michigan and is the nation’s largest online sportsbook operator, topped the market for the second consecutive month with $87.2 million in online handle, up from in the first month with $32.6 million in January. Those bets led to a loss of $78,889 in gross sports betting receipts, down from a $622,372 win in January. BetMGM/MGM Grand Detroit’s $75.7 million handle was second, up from $22.8 million in January. But BetMGM topped gross receipts with $5.3 million, up from $5.1 million, which led to $2.4 million in taxable revenue, by far the most in the state.

DraftKings/Bay Mills Indian Community was just behind with a $72.9 million handle, up from $28.2 million in January, but lost $161,496 in gross receipts.

The market leaders were followed by:

Barstool/Greektown Casino ($40.3 million handle, up from $27.5 million in January; $1.9 million in gross receipts, down from $3.3 million)
PointsBet/Lac Vieux Desert Band of Lake Superior Chippewa Indians ($7 million handle, up from $1.5 million; $1.1 million in gross receipts, up from $388,381)
Wynn/Sault Ste. Marie Tribe of Chippewa Indians ($7 million handle, up from $248,879; $1.1 million in gross receipts, up from $60,232)
William Hill/Grand Traverse Bay Band of Ottawa and Chippewa Indians ($5.6 million handle, up from $692,319; $449,316 in gross receipts, up from $125,659)
BetRivers/Little River Band of the Ottawa Indians ($3.6 million handle, up from $1.1 million; $120,306 in gross receipts, down from $191,261)
FOX Bet/Little Traverse Bay Bands of Odawa Indians ($3.6 million handle, up from $160,052; $120,307 in gross receipts, up from $70,737)
Twin Spires/Hannahville Indian Community ($1.9 million handle, up from $327,661; -$277,365 in gross receipts, down from $39,792)
Golden Nugget/Keweenaw Bay Indian Community ($497,693 handle, up from $106,904; $69,788 in gross receipts, up from $21,698)
Four Winds Sportsbook/Pokagon Band of Potawatomi Indians (launched Feb. 15: $12,680 handle; $3,840 in gross receipt)

“The promotional spend by most operators sapped taxable revenue in the short-term but shows just how competitive the market in Michigan is right now,” Welman said. “The extended roster of online operators is perhaps the most distinguishing aspect of the Michigan market. Having so many quality operators has clearly paved the way for this early success, and fierce competition will continue to benefit bettors as the market matures.”

Online casinos and poker

Online casinos and poker enjoyed another month of record receipts, generating $79.7 million in February, up from $29.4 million in January. February’s results will likely put Michigan as the nation’s No. 2 or 3 market, behind only New Jersey ($103.8 million in January), but on par with the far more mature market in Pennsylvania ($80.4 million in January).

Michigan’s online casinos and poker rooms combined to win $2.8 million per day over the 28 days in February, down slightly from $2.9 million per day in January. Adjusted gross receipts of $75.2 million yielded $14 million in tax revenue for the state. BetMGM/MGM Grand Detroit once again led the market with $26.9 million in gross receipts, which yielded $5.3 million in taxes.

To put Michigan’s growth into perspective, it took New Jersey until April 2020 — more than six years after launching in November 2013 — to surpass $79 million in online casino revenue in a single month.

“The interest in online casino games in Michigan has been off the charts for a new market, but expect the growth to settle a bit in the coming months,” Schoch said. “Regardless, there has never been a more impressive debut.”

For more information and analysis on regulated sports betting in Michigan, visit PlayMichigan.com/news.

About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches (including PlayMichigan.com, PlayNJ.com, and PlayPennsylvania.com) produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.

Cryptocurrency

BitLine Enhances Onboarding Experience in Collaboration with Jumio: Simplified KYC for Casino Patrons

Published

1 hour ago

April 25, 2024

Alan Campbell

This collaboration emphasizes convenience, security and regulatory compliance

Through the BitLine app, users can seamlessly transact with up to US$10 million in casino chips 24/7

BitLine, a pioneering provider in the integration of digital assets for direct access to casino chips, proudly announces a strategic alliance with Jumio, an industry leader renowned for its comprehensive know-your-customer (KYC) solutions.

This partnership marks a significant milestone as BitLine streamlines its onboarding process for casino patrons, ensuring a seamless and secure journey into the realm of digital asset-based payments for gaming.

The collaboration between BitLine and Jumio signifies a commitment to delivering unparalleled convenience while upholding the highest standards of security and regulatory compliance. By leveraging Jumio’s advanced technology, BitLine reinforces its dedication to building trust among users and offering a frictionless experience for individuals seeking access to casino chips via digital assets.

Richard Jones, the Chief Executive Officer for BitLine by Ibanera, expressed enthusiasm about the partnership, stating: “Trust and compliance are the cornerstones of every successful casino venture. At BitLine, our vision to innovate this industry through digital assets hinges on maintaining trust and adherence to regulations. Our collaboration with Jumio represents a monumental stride towards achieving this vision, ensuring that casino patrons transact securely and confidently through our platform.”

Echoing this sentiment, Robert E Prigge, the Chief Executive Officer for Jumio, commented: “The evolving landscape of digital assets presents endless possibilities and BitLine’s innovative approach has reshaped the casino industry. By eliminating withdrawal limitations and expanding accessibility, BitLine has ushered in a new era of gaming. We are thrilled to contribute to BitLine’s journey by providing essential elements of security and compliance.”

BitLine by Ibanera grants cryptocurrency owners unprecedented access to up to US$10 million in casino chips, 24/7/365, serving as a conduit for liquidity on the casino floor. Through the intuitive BitLine app, casino enthusiasts worldwide can initiate transactions within minutes, leveraging their digital assets to unlock funds effortlessly.

Latest News

Sportradar Names New CFO, Craig Felenstein

Published

2 hours ago

April 25, 2024

George Miller

Sportradar Names New CFO, Craig Felenstein

Sportradar Group AG today announced that Craig Felenstein has been named Chief Financial Officer of the Company, effective June 1, 2024. Felenstein joins the Company from Lindblad Expeditions where he most recently served as Chief Financial Officer. He will report directly to Sportradar Chief Executive Officer Carsten Koerl.

Felenstein brings nearly 30 years of senior finance and operating experience for US publicly listed companies across the media, entertainment, experiential and digital content industries to his new position at Sportradar. Most recently, Felenstein served as Chief Financial Officer at Lindblad Expeditions, a global leader in expedition cruises and adventure travel, where he oversaw the company’s global finance organization, as well their corporate development, information technology and human resources functions. In his role as Sportradar’s Chief Financial Officer, Felenstein will lead the company’s global finance, accounting and investor relations functions. Felenstein has a unique blend of financial rigor and operational insight and will partner with the rest of the executive leadership team to advance the company’s key strategic initiatives and grow the business while maintaining strong relationships with the investment community. He will be based in New York.

Carsten Koerl, CEO, Sportradar said: “With Craig’s deep international experience and successful track record building finance organizations as a CFO at US listed public companies, I am confident that he will be a strong addition to our team. His track record of helping drive financial strategy and building shareholder value will be instrumental to our continued success. We want to express our deep gratitude to Ger Griffin for his meaningful contributions to Sportradar during a transformational growth period for our Company.”

Prior to his tenure at Lindblad, Felenstein served as Senior Vice President of Investor Relations and Strategic Finance at Shutterstock where he oversaw all interaction with the investment community while leading the financial planning and analysis and corporate development functions. Prior to Shutterstock, he served in various management roles at Discovery Communications, LLC, including Executive Vice President of Investor Relations. At the same time, he was a member of the executive team for several of Discovery’s businesses including serving as the Chief Financial Officer of Digital, Chief Financial Officer of US Network Revenue and Chief Financial Officer of Animal Planet. Prior to Discovery Communications, he held senior positions at News Corporation, Viacom Inc., and Arthur Andersen & Co.

Felenstein said: “Sportradar has built an impressive leadership position in the rapidly growing global sports technology market and the Company is ideally situated to deliver sustained growth given their strong content portfolio, unmatched product offerings and commitment to industry innovation. I am excited to work with Carsten and the entire Sportradar team, as well as the Board of Directors, to capitalize on the significant growth opportunities ahead and deliver additional value to our clients, partners and shareholders.”

Latest News

Arturo Vidal is the new ambassador of the betting site Estelarbet

Published

8 hours ago

April 25, 2024

George Miller

Arturo Vidal is the new ambassador of the betting site Estelarbet

Estelarbet, Chile’s leading betting site, is proud to introduce Chilean soccer legend Arturo Vidal as its new brand ambassador. The alliance with Vidal, the Chilean with the most titles in history, marks an important milestone for Estelarbet, as he will exclusively promote its entertaining variety of online casino games, spread responsible gaming and provide an impactful gaming experience. Within the strategic agreement, it was established that the sports betting and online casino will include new branded content activations, face-to-face events and community outreach with the widely known “King”.

Sebastián Salazar, CEO of the brand commented: “It is an honor to welcome a true King of Soccer to the Estelarbet crew. We are excited to have Arturo Vidal associated with the brand. I’m sure his presence will help us generate greater awareness that soccer, sports betting, and online casino are all a form of entertainment, as long as they are done responsibly.”

Estelarbet celebrates the Chilean heritage and the genuine love for online gambling that unites them with the soccer player, both being a real case of success on the national and international playing field. His career, which includes truly stellar moments such as his time in the golden generation, being the two-time champion of America with the Chilean national team, being the Chilean soccer player who won the most consecutive First Division leagues, winning 1 title in all the teams he has played, makes him an inspiring figure and idol of the sport at a national and international level.

Jimena Agudelo, Marketing Manager of Estelarbet said: “Our goal will always be to create exceptional and legendary experiences and who better to represent us than a true star like Arturo. His passion for the game, his dedication and commitment are the perfect reflection of the values we defend at Estelarbet. Without a doubt, he is the best strategic partner we have chosen to represent and increase the visibility of the brand not only in Chile, but also in Latin America.”

This partnership will undoubtedly enhance the entertainment, betting and gaming experience for the brand’s customers and provide them with unparalleled content with the fastest payouts in the sector.

Karla Porto, Influencer Manager says: “Estelarbet’s partnership with Arturo Vidal, is a bet on the great visibility and recognition he has worldwide. With more than 20 million followers on his Instagram account, he has a broad base, which translates into a massive platform to promote the brand, reaching a diverse audience passionate about soccer and sports in general. This will undoubtedly boost Estelarbet’s visibility regionally and attract new users interested in sports betting.”

With Arturo Vidal as the brand’s star, Estelarbet continues to reaffirm its commitment to offer an extraordinary, exciting and safe gaming experience for all users of the platform in Latam.