Casino

Fanatics Betting and Gaming has now submitted an improved bid of $225 million in a bid to outshine DraftKings as favorite to purchase the assets of PointsBet US. Shareholders are set to vote on the bid on June 30

DraftKings has made a surprise bid for the acquisition of PointsBet, making the former deal with Fanatics more precarious. DraftKings is also offering $45 more than Fanatics, and PointsBet has stated that it would consider the bid.

The Michigan Gaming Control Board released the latest figures from gambling revenue in the city of Detroit. MGM Grand Detroit led all other retail venues both in terms of casino gaming and sports betting revenue.

Michigan online casinos have been working tirelessly to provide more games to customers in the Wolverine state. As at the start of June, two major operators in the state have crossed 1,000 total games in their collection.

Sault Ste. Marie, the tribal owners of Kewadin Casinos have announced that they will be renovating their biggest retail casino location in Michigan. The project is expected to cost millions of dollars and is scheduled for completion in 2024.

BetMGM is organizing qualifiers ahead of the BetMGM Poker Championship in Las Vegas this June. Michigan players can register to participate in the qualifiers and win a prize package of $6,500 inclusive of tournament tickets, hotel accommodation and travel.

Michigan online casinos generated $159 million in gaming revenue in April, the second-highest monthly revenue figure in the history of the state. Lifetime iGaming taxes have also crossed $850 million and may top $1 billion by September 2023.

Fanatics Betting and Gaming has acquired the gambling company PointsBet for $150 million. The deal is pending shareholder approval and regulatory requirements. Fanatics will take over PointsBet's operations in all states where the company operates, including Michigan.

Many Michigan tribes are starting to include legal cannabis production and sale into their business operations. This means tribes will now combine both casino and recreational marijuana profits for the use of their indigenous peoples.

Reports have shown that the Michigan gambling industry contributes one of the highest tax revenues to the state, after it generated $1.96 billion into state coffers in 2022. Revenue from gambling taxes is spent mostly on the School Aid Fund.