BetMGM Casino Dominates in Michigan But Competition is Fast Approaching
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BetMGM captured 31.4% of the Michigan market in the first ten months of 2023, according to data from Eilers & Krejcik, a gaming consulting and market research firm. These numbers show that the operator still holds the pole position regarding the preferred gambling site for players from the Great Lakes State, as it has been the trend since the online casino site was launched in 2021.
The advantage over the remaining 14 Michigan online casinos is not symbolic. BetMGM has a double lead over its main competitors, FanDuel and DraftKings. The former has a 16.3% market share, and the latter holds a 15.7% market share.
The popularity distribution between these three brands is very different nationally. Online casino gambling is legal in six U.S. states, and each of the previously mentioned operators has a dedicated app for each of those markets, allowing them to compete head-to-head. The national data for October signals that DraftKings is the market leader with 29%, FanDuel holds 21% of the market, and with 19%, BetMGM ranks third.
Active Measures to Retain the Lead
BetMGM is on track to surpass its revenue figures from 2022. This operator captured 37.2% of the market in Michigan in the previous year with $589 million. Two months before closing 2023, its revenue figures stand at $492.7. It seems unlikely that BetMGM will surrender its lead in the Great Lakes State this year, but its market share is declining compared to previous years.
The operator is working to improve player retention by accommodating individual players' gaming preferences and supplying competitive no deposit bonus Michigan players would enjoy. The BetMGM casino app bolsters one of the largest slot collections in that state, numbering 1,360 games sourced from renowned developers at last count.
However, one aspect that gives other popular brands an edge over BetMGM is they are better known for sports betting. That aspect enables them to attract a large pool of players who find it more convenient to play at their casino lobbies rather than migrate to another platform.
On the other hand, casino gamblers prefer the freedom to chase new bonuses and try new games. Not surprisingly, keeping the content fresh is a driving strategy for top-performing online casinos.
Continuation of the Long-Standing Trend in 2024?
Since the online casino market in Michigan launched in 2021, BetMGM has maintained a solid hold of the market, but the 37% market share might be a thing of the past in 2024. DraftKings and FanDuel have started to invest more seriously into their iGaming sections, and the results are evident from the spike in their app downloads throughout this year.
The gap is getting narrower, too. After October, BetMGM had a $10 million lead over FanDuel, a situation that in previous months tended to be in the $30 million range. Yet, that monthly difference piles up month over month, and the annual lead after ten months in 2023 for BetMGM is $176 million. The competition will intensify in 2024, and it remains to be seen if BetMGM will get dethroned in Michigan.
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