Michigan's Online Gaming Revenue Sees Record November
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Michigan had a great month when it came to online casino gaming. According to the state’s Gaming Control Board, the gross revenue in November was $175.3 million, which is a record-breaking amount.
To that amount can be added$37 million earned from online sports betting apps, since they weren’t included in the first place.
New record broken:
The previous record was set in March and it was $171.8 million.
The main reason for the new record was FanDuel, which earned 18.9% more than its previous record of 37 million set in October. On top of that, the MotorCity Casino iGaming licensee was the second digital casino app to earn in one month. The first one to break that record was the renowned BetMGM.
Compared to the same month’s previous year, the gross revenue was 20.5% higher. In November 2022, the state earned $145.4 million in online gaming revenue, and the results were also record-breaking.
The monthly record in Michigan had been set three times during this year. The first record was set in January when the revenue reached $153.7 million, and the second was in March.
The state generated tax revenue of $157.8 million in adjusted gross revenue, which resulted in an inflow of $32.9 million. The online casino revenue brought a bit less than $320 million in taxes, which is $30.6 million
The city of Detroit earned $8.2 million, increasing the annual revenue up to $81 million, and tribes got $4.1 million, while local jurisdictions earned $38.9 million so far.
Companies’ successes:
This fall was especially successful for FanDuel, which succeeded in hitting its own record three times in a row and surpassing a milestone of $40 million per month.
MGM Grand was the most successful in the state when it came to the mobile platforms. The company earned $46.7 million in gross revenue. However, FanDuel is a real threat to the company, since the gap between the two industry giants has never been smaller – MGM Grand generated only $2.8 million more than FanDuel.
The company is still a leader, but its revenue decreased 12.9% compared to November last year.
Other platforms were also successful: PENN Entertainment earned $4.1 million in winnings, and commercial gross revenue hit a record of $94.8 million. Three platforms from Detroit earned a gross revenue of $940.1 million, which is more than in the whole of 2022 when the revenue was $899.7 million.
According to MiBets, DraftKings was successful as well – in November the company earned $34.7 million, which is a 49.2% increase compared to the results from 2022.
Tribal gaming in the state also achieved huge success. The whole revenue was record-breaking, and BetRivers surpassed $10 million for the first time. Caesars earned $9.1 million.
Soaring Eagle also hit the record with $33,123 above its previous $3 million and Bally’s surpassed $1.9 million.
Tribal internet casinos got $80.5 million, and the annual revenue so far was $802.3 million, earned by 11 operators.
