October was certainly a month to remember for BetRivers in the state of Michigan.
For the second time in just three months, its offering among Michigan online casinos recorded record monthly revenue. The October total was a new best of $10.6 million.
Not to be outdone, its offering among Michigan online sportsbooks blew away its record monthly handle in October, more than doubling its previous best.
BetRivers Casino sets second record in three months
BetRivers Casino Michigan has been joining in on the fun of 2023.
As the state continues to move at a record-setting revenue pace, the same can be said of the online casino of Little River Casino.
In August, BetRivers tallied a new standard for monthly revenue when it hit $10.54 million. It was the first time the operator crossed the $10 million mark in the state.
Just two months later, BetRivers came in with $10.63 million in revenue for October, edging the previous record it set in August.
For the year, BetRivers is sitting at $91.7 million in online casino revenue. That is a 6.2% increase from where it sat through 10 months of 2022. It was at $86.3 million at this point last year.
BetRivers Sportsbook doubles previous handle record
Where BetRivers really drew some attention in October was with its online sportsbook.
BetRivers Sportsbook Michigan recorded $45.5 million in online handle last month. That was a new record for the online book to say the least.
In September, BetRivers had $22 million in wagers. At that time, that was a new record by nearly double the $11.1 million it recorded back in January of this year.
The jump up to $45.5 million was a jump by 106.5% month-to-month.
It’s not often you see a radical jump like that for a sportsbook month-to-month. The year-over-year growth compared to October 2022 was a whopping 513%.
BetRivers is seeing similar results in New York, where it recorded $114.2 million in handle, a 128% month-over-month jump.
PlayMichigan reached out to BetRivers for comment as to the October surge, but they declined to comment.
Not all good news for BetRivers Michigan
The online sports betting handle certainly was a positive sign for BetRivers, but amazingly they ended up losing just under $750,000 for October.
So, despite a $23 million increase in added wagers from September, they found the red when it comes to revenue.
That definitely diverges from the trend we have seen for the online sportsbook in 2023.
For the year, BetRivers is now up 122.5% in handle through 10 months of the year at $131.7 million. The revenue is up 70.1% for the year as well, growing from $3.3 million to $5.5 million through 10 months.
September saw record revenue for BetRivers Sportsbook MI with just under $1.9 million. Based on October results, one would have to believe BetRivers went promo heavy for the football season.
Even though it has $5.5 million in recorded revenue for 2023, the Adjusted Gross Revenue sits at -$16,348 for the year. That includes AGR of -$1.7 million for October.
BetRivers is certainly getting more people in to make wagers this year, but is doing so with promotional offers that customers are no longer seeing at other top Michigan sportsbooks.
Time will tell if BetRivers will look to rein back on the promo offers now that it is seeing increased audience, but lost revenue.