chin punch

Detroit’s Three Casino Sportsbooks Got Clobbered In February

The trio of Detroit casino sportsbooks took one on the chin in February, losing $872,552 in retail sports betting, according to a release from the Michigan Gaming Control Board.

And while the “why” wasn’t broken down, it probably comes down to two words: Matthew Stafford, the former Lions quarterback who led the the Los Angeles Rams to a 23-20 Super Bowl victory over the Cincinnati Bengals. While the Rams didn’t cover, Stafford hit his passing yards and touchdown overs, and obviously the moneyline came through for fans of the longtime Lions star.

MotorCity took the worst of the beats, losing over $400,000 for the month. Greektown lost a shade under $300,000, and MGM fared the best, “only” losing $175,000 and change in February. Total handle reported by the three Detroit casinos for the month was $25,373,474.

Considering that the casinos all took a loss, the state and the city of Detroit saw no tax revenue from the retail sports betting world. Next week’s expected online numbers may tell a similar story, if those Stafford overs came in hot and heavy.

Slots OK

But while the casinos lost money on sports, the wheel of perpetuity continued to spin on the slot and table side, with $95.6 million in revenue pouring in over the 28-day period.

MGM led the way with a 49% market share, with MotorCity (30%) and Greektown (21%) coming in for the silver and bronze.

Year over year, the three casinos saw a 10.6% revenue increase for table games and slots in February 2022 compared to February 2021, though monthly revenue fell 3.4% compared with January results. Combined January and February table games and slots revenue rose 12.3% compared with the same two-month period last year. The caveat there: COVID patron restrictions were still very much in force last year.

The three Detroit casinos paid $7.7 million in gaming taxes to the state of Michigan during February, and another $11.4 million in taxes to the city of Detroit. Because of the negative results, neither the state of Michigan nor the city of Detroit collected taxes from retail sports betting during February.

Image: Shutterstock

Author: Bradley King