In February 2023, Michigan’s online casinos set record revenue, with two operators achieving their highest revenue ever. The impressive $148.2 million generated in February puts Michigan’s online casino industry on the cusp of crossing the $3 billion mark in all-time revenue, a remarkable achievement for a market that has only been operating for just over two years.
Michigan’s online casinos continued their impressive run in February 2023 by raking in a combined revenue of $148.2 million. This represents a 20.7% increase from February 2022’s total of $122.8 million. While it is a 3.6% drop from December 2022’s record total of $153.7 million, it is still an impressive number for the industry.
“Michigan’s online casinos have had an incredible year, and this latest milestone is a testament to the state’s forward-thinking regulation and the industry’s ability to innovate and deliver engaging products to players,” said Max Bichsel, VP of U.S. Business at Gambling.com Group.
BetMGM Remains on Top Despite Revenue Dip
Of the 15 online casinos in Michigan, BetMGM remained the top online casino app by revenue in February 2023, despite recording its lowest revenue since September. BetMGM generated $48.4 million in revenue, accounting for 32.7% of the market share in the state for February. The operator also has 36.9% of the all-time market share with $1.11 billion in revenue in Michigan.
FanDuel and DraftKings Set New Revenue Records
“February’s record numbers for FanDuel and DraftKings in Michigan are indicative of the strength of their brands and their ability to execute in the highly competitive online gambling market,” said Chris Grove, an analyst for Eilers & Krejcik Gaming.
Despite being the shortest month of the year, two online casino operators had record revenue in February. FanDuel Casino MI generated $29.5 million, surpassing its previous record of $28.95 million in December 2022. DraftKings Casino MI generated $26.9 million, beating its January 2023 record of $26.2 million. Six total operators showed revenue growth from January to February, including FanDuel, DraftKings, Parx, PointsBet, Play Eagle, and WynnBet.
Michigan Nears $3 Billion in All-Time Online Casino Revenue
Michigan’s online casino industry has seen remarkable growth since its launch in January 2021. With the impressive February 2023 revenue of $148.2 million, the state is on the cusp of crossing the $3 billion mark in all-time online casino revenue. This is an exceptional achievement, given that Michigan’s online casino market has only been operating for just over two years.
Comparatively, Pennsylvania’s online casino market took 38 months to generate $3 billion in revenue, and New Jersey’s market took a staggering 91 months. Michigan’s rapid growth can be attributed to several factors, including its large population and the popularity of online gambling in the state. Additionally, Michigan’s online casino industry is highly competitive, with several top-tier operators vying for market share. This has resulted in a wide range of high-quality online casino games and generous bonus offers, attracting players from across the state.
Online Casino Tax Payments Benefit State and Local Entities
February’s online casino revenue generated $26.3 million in tax payments to the state and $10.0 million to local entities. The tax payments help fund important state and local programs, including education, healthcare, and infrastructure. “The tax revenue generated by Michigan’s online casinos is an important source of funding for the state’s education, healthcare, and infrastructure programs. It’s a win-win for everyone involved,” said Max Bichsel.
Michigan’s Online Casinos: Betting on a Thriving Future
Michigan’s online casinos continue to thrive, with February 2023’s revenue total being the third-highest in Michigan’s online casino history. BetMGM remains the top online casino app by revenue, while FanDuel and DraftKings set new revenue records. With the online casino industry growing, Michigan is expected to surpass $3 billion in all-time revenue in the coming days. The tax payments generated by online casinos also benefit the state and local entities, providing funds for essential programs. As the industry continues to expand, Michigan’s online casinos look set to remain a vital part of the state’s economy.