In the bustling city of Detroit, the casino industry is a major player in the local economy. However, recent reports show that revenue from the city’s three casinos has dipped slightly in recent months. Despite this downturn, there is a silver lining emerging in the form of sports betting.
According to data released by the Michigan Gaming Control Board, revenue from Detroit’s three casinos – MGM Grand Detroit, MotorCity Casino Hotel, and Greektown Casino-Hotel – decreased by 2.6% in the month of June compared to the previous year. This marks the second consecutive month of declining revenue for the city’s casinos.
While this slight decrease in revenue is certainly cause for concern, there is one segment of the industry that is showing promising growth: sports betting. Since the legalization of sports betting in Michigan in March of 2020, the industry has seen a steady increase in revenue, with June seeing a 14.9% increase compared to the previous month.
The rise of sports betting in Detroit is attributed to the growing popularity of online sportsbooks, which allow bettors to place wagers from the comfort of their own homes. This convenience has made sports betting more accessible to a wider audience, leading to an increase in revenue for the industry.
In addition to the rise of online sports betting, the reopening of major sports leagues such as the NBA and NHL following the COVID-19 pandemic has also contributed to the growth of the industry. With more events to bet on, sportsbooks in Detroit are seeing a surge in activity and revenue.
Despite the overall decline in revenue from the city’s casinos, the emergence of sports betting as a bright spot in the industry is a promising sign for the future. As more states legalize sports betting and the industry continues to grow, Detroit’s casinos may see a turnaround in revenue in the coming months. In the meantime, sports betting offers a lucrative opportunity for both bettors and the city’s gaming establishments.
