Casinos were not the only platforms hit by the financial upset in November. Retail sportsbooks in Detroit also saw a huge dip in handle between October and November. This decline came against the backdrop of a 26.7% increase from September to October 2022.
MGM, MotorCity and Hollywood Casino pooled $18.1 million in handle in the outgone month, compared to $23.5 million recorded in October. November’s figures represent the lowest monthly handle rate in 2022 since July. Compared to November 2021, the monthly handle was a 32% drop, one of the largest year-to-year declines for Detroit’s retail sportsbooks.
In total, the three retail sportsbooks tallied a revenue of $1.9 billion from sports betting, bringing the total aggregate revenue for November to $101.8 million. Throughout the 11 months of 2022, all bookmakers recorded $247.7 million in handle, another 11.7% drop from the cumulative figure of $280.6 million for January to November 2021.
MGCB further reports that the betting platforms paid state taxes worth $70,422, less than half of its $163,625 tax paid in November last year. From betting revenues, the three books also reported $86,071 in wagering taxes to Detroit in November. These figures, as usual, were worse than both the month before and the same period in 2021.