Michigan Online Casino Set Monthly Revenue Record in February
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The upward trajectory of the iGaming market in the Wolverine State is nothing new. However, expectations for February were not high, considering it the shortest month of the year. Still, the 15 licensed pulled together and brought in $188 million in revenue, according to the Michigan Gaming Control Board data.
The $188 million combined revenue is a new monthly record for the market, surpassing the previous best month. In January of this year, the iGaming market generated $181.9 million in revenue.
The market's dynamic growth is evident from a simple comparison between the revenue figures for February 2023, when the market produced $148.2 million, and this year's February data, indicating an increase of 26.9%. The 15 licensed online casinos also generated $46.7 million in taxes. More precisely, a $33.8 million chunk of the tax pie goes to the state's treasure coffers, while local municipalities receive $12.9 million.
No Change Among the Market Leaders
The situation at the top is still the same, although some operators are drastically improving their positions. BetMGM Casino is still the market leader, with a reported revenue for February of $50.2 million. However, its dominance is no longer going unchallenged after FanDuel Casino recorded $48.4 million in revenue, making it simultaneously the best month for FanDuel in its Michigan history and representing the smallest revenue margin between FanDuel and BetMGM.
BetMGM Casino is not growing its revenue numbers significantly, with February being the first month to cross the $50 million threshold since April 2023. The brand is stable, but at the same time, it can qualify as a stagnating brand. The market in the Great Lakes State is expanding, and from the numbers, it's clear that BetMGM is not losing players - instead, other online casinos are attracting more customers.
BetMGM offers one of the largest lobbies and competitive deals. It's been undisputed at the top for three years straight. Michigan's population numbers have not changed, and the growing revenue figures can be attributed to more people joining the gaming community or players diversifying and wagering at multiple operators. The recent growth trend of FanDuel can result in a potential change at the top next month.
New Record Coming In March
The top five list in Michigan for February gets rounded up by three other brands with a national footprint. DraftKings assumes third place with $36.8 million. Fourth place goes to BetRivers Casino, a long way behind the leading trio, with $12.1 million. Caesars ranks fifth, bringing in a modest $10.7 million via its two licensed casino apps: Caesar Palace Online Casino and Caesar Sportsbook & Casino.
March can potentially be hailed as the new highest revenue month in Michigan. However, it is a given that the Michigan iGaming market will hit a $5 billion lifetime revenue in March after reaching $4.99 billion in February, meaning it will celebrate a new milestone.
