Michigan Casinos Online Surpassed the $200 Million Revenue Threshold in March
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The Michigan Gaming Control Board published the revenue figures for March, and the 15 licensed operators took in $215.2 million in bets for the third month of 2024. This is a new monthly record and the first time in the Great Lakes State's history that its iGaming market has gone over $200 million.
The combined performance of all 15 Michigan online casinos resulted in a 15% growth compared to February. The numbers are even more impressive if measured with the market's performance in March of 2023, indicating a 25% jump from last year when the total was $171.8 million. At the current pace, Michigan will hit $2 billion in 2024. In March, the market achieved another milestone by hitting a lifetime revenue of over $5 billion.
FanDuel Dethrones BetMGM as Market Leader
An important milestone from March includes FanDuel Casino, which took in $57.5 million in revenue and became the best online casino Michigan by overtaking BetMGM as the market leader. BetMGM has been the undisputed king of the Wolverine State iGaming market for three consecutive years, but recently, FanDuel has been chipping away at its advantage.
BetMGM generated $54.6 million in revenue and ranked as the second-best operator after being on the top for 39 consecutive months. However, BetMGM still holds the high ground from a lifetime perspective in the Wolverine State, with $1.75 billion. FanDuel is a long way away from reaching that amount and is expected to hit a billion in April. DraftKings is still stable in the third position, with $40.4 million in revenue for the third month of 2024.
Michigan Is Trending Towards Becoming the Biggest National Market
There is a significant drop-off in revenue between the leading trio and the remaining 12 operators in Michigan. BetRivers Casino maintains a grip on fourth place with $12.7 million, while despite major efforts to improve its market position, Caesars is fifth with a modest revenue of $11.2 million. DraftKings' sister platform, Golden Nugget, took in $7.7 million in bets for March.
Most operators view Michigan as one of their most important markets, frequently debuting new games in the Wolverine State and offering generous no deposit bonus Michigan. The market was close to simultaneously setting a new state and national record. Still, it came short of 100K of besting Pennsylvania's revenue record of $215.3 million, which is the single best revenue month in the history of the nation's iGaming scene.
It's not only the operators that had a financially good month. Michigan collected $54.3 million in taxes, with $39 million going to the state's treasury and $10 million to city and municipalities taxes, plus there are $4.7 million in payments to the governing bodies made by tribal operators.
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