This week’s casino news starts off delivers a pair of impressive revenue reports from the states of New York and Michigan. We’ll start off in New York where sports betting has delivered nothing short of impressive numbers so far:
New York Collects $900 Million From Sports Betting
Legalized mobile sports betting in New York continues to break the bank, which is making those in the government and those who lobbied to legalize it very happy. The state just reported that it was able to haul in roughly $709.2 million in taxes just off their sports wagers so far. This is actually such an impressive figure that it leads any other state in the nation over its first year.
New York also brought in an extra $200 million from the licensing fees that were collected from sports betting operators. Remember, New York could still open up the doors to allow more players into the market, which would mean even more from licensing fees. The total revenue for New York just for sports betting is sitting around $909 million.
There are only nine operators in the state at the moment and yet they have been tremendously successful. State Senator Joseph Addabbo said, “New Yorkers can expect their state to continue to provide the best mobile sports betting product, in this highly competitive arena, for many years to come.”
It was also reported that $6 million of that revenue will be handed over to fund gambling treatment and education.
Detroit Casinos Haul In $1.27 Billion From Bettors Throughout 2022
The revenue numbers for Detroit casinos have come in and they look phenomenal. The Michigan Gaming Control Board has reported that the city of Detroit had brought in $1.27 billion in gambling revenue in 2022. Slots were 77 percent of that revenue with table games adding on 21 percent and then finally retail sports betting at two percent.
Throughout 2021, Detroit casinos were able to bring in $1.294 billion in revenue, which represents a very minor 0.8 percent decline in year-over-year earnings. The three casinos that helped push forward the success of this revenue were the MGM Grand Detroit, MotorCity Casino, and Hollywood Casino.
After bringing in these levels of revenue, it was reported that $101,814,954 will be sent to the School Aid Fund. Another $711,078 was sent to that exact same fund from their retail sports betting revenue as well. The hope is that the funds will go to good use to improve the state’s education system, infrastructure, and other public programs.
Fanatics Looking To Purchase BetParx
Fanatics continues to make moves in the sports betting space and their latest is a bold attempt to expand their reach. The company has reportedly been in discussions to purchase BetParx. It’s not officially confirmed but there is a possibility that a letter of intent has already been inked from each party. Fanatics would like to purchase BetParx to rapidly increase their footprint in the sports betting realm.
Fanatics is already set to operate their own sportsbook at FedExField in the state of Maryland, the home stadium of the NFL’s Washington Commanders. Fanatics is also getting into the state of Massachusetts after coming to an agreement with Penn Entertainment’s Plainridge Park Casino property.
The only problem is that Fanatics doesn’t always pull through on their major deals. In fact, they have somewhat of a history of dipping out of purchases once they are rumored to be settling down on an agreement. Fanatics had been rumored to be buying Tipico (then PointsBet), Rush Street Interactive, WynnBet, and many others. However, they were never able to come away with a finalized deal at the end of the day. It’s going to be interesting to see if Fanatics can actually close the deal with BetParx.
