WynnBet has been keeping Michigan under a close watch for the last few months.
After electing to shut down operations in eight states in August, WynnBet decided to leave its Michigan operations “under review.”
That likely has to do with its Michigan online casino operations.
While WynnBet has its place in Michigan, the September revenue report didn’t provide a lot of positives.
WynnBet casino matches record-low market share
September was a huge month for Michigan online casinos, as they recorded their second-highest total ever with $166.4 million.
Multiple online casinos recorded a record monthly revenue last month. However, WynnBet Casino Michigan was not one of them.
The operator had $4.1 million in revenue last month, which was actually its second-lowest total of 2023.
The online operator of Kewadin Casinos had just 2.5% of the market share for the month. That matches the lowest market share it has ever had in Michigan for a month.
The poor month dropped WynnBet to 3% of the 2023 market share, sitting with $42.9 million in revenue through nine months.
| Month | Revenue | Market Share |
|---|---|---|
| January | $4,589,125 | 3.0% |
| February | $5,413,521 | 3.7% |
| March | $4,736,576 | 2.8% |
| April | $5,711,354 | 3.6% |
| May | $4,982,746 | 3.3% |
| June | $4,808,955 | 3.2% |
| July | $3,870,269 | 2.5% |
| August | $4,655,881 | 3.1% |
| September | $4,111,095 | 2.5% |
| Total | $42,879,521 | 3.0% |
Strong handle doesn’t lead to much revenue for WynnBet
The reason WynnBet shut down operations in eight states is largely due to its online sportsbook.
Of the eight states they chose, most just offer an online sportsbook.
Here in Michigan, WynnBet Sportsbook MI isn’t making much of an impact either. It has just 0.7% of the sports betting handle market share in its lifetime and just 0.4% of the sports betting revenue market share.
Michigan sports betting had a huge September collectively for its online sportsbooks with $457.7 million in wagers.
WynnBet saw an uptick in handle with $3.6 million, its biggest total for the year. However, its revenue actually was the third-lowest of 2023 at $93,734.
The yearly revenue of just over $1 million certainly doesn’t seem like much for it to consider.
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Operator still growing its online casino
The big picture numbers may not pop off the page, but WynnBet Casino is still is seeing respectable yearly growth.
The online casino is up 10.7% in revenue for 2023 compared to this point in 2022. While all Michigan online casinos are up 23%, WynnBet’s growth still equates to $4.2 million more in revenue.
When it comes to the online sportsbook, WynnBet’s handle has declined nearly 1% this year while the revenue is down 2.9%.
Clearly WynnBet staying in Michigan is going to come down to its online casino. Staying above the 3% market share line for the casino will be important going forward.
