MI Online Gambling Market Proceeds Straight Ahead In Its Third Month
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Michigan has seen more than $280 million in revenue in online casino and online poker since January 22. Since then, 13 operators have entered the state. BetMGM is the most successful, with adjusted revenue approaching $37 million. Caesars Entertainment will soon switch William Hill's US operations over to its own brand. The state's online sports betting generated nearly $14 million since launch on January.
April's adjusted online gambling revenue was $88.9 million, up from $87.7 million in March. April's daily average revenue from iGaming was higher than March's $2.2 million and February's $ 2.3 million. Online gambling taxes and payments generated $17.8 million for Michigan in April, which is up $1.5 million from March, when it was just $535,930.
BetMGM Casino is the leader in Michigan online gambling market. It generated $36.813 million in adjusted revenue during April. Its revenue is 2.6 times greater than that of its closest competitors FanDuel and DraftKings. The Big Three generated nearly $65 million during the same month.
Michigan's sports betting handle dropped more than 30% to $250 million in April. Sports wagers during March had seen a 19.1% increase since February. Michigan sportsbook apps generated $10.88 million after deducting promotional expenses.
MI online gambling revenue breakdown. The dollar figures represent taxable revenue, adjusted to remove promotional costs.
