Michigan Online Casino Market Projected to Reach $2 Billion in 2024
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The Great Lakes State launched its first casino apps in 2021, and the now booming market is entering its fourth year with expected revenue for 2024 of $2 billion, if the revenue data published monthly by the Michigan Gaming Control Board are an indication of future trends. Although the entire picture for 2023 is still not clear because December revenue will only be published at the end of January 2024, it's already evident that Michigan surpassed its 2022 revenue of $1.58 billion after 11 months in 2023, collecting $1.74 billion.
Considering November was the state's best-performing month over the previous three years with $175.3 million, 2023 will probably end with $1.9 billion. On average, operators throughout 2023 were adding $15 million more to the total monthly revenue compared to 2022. For comparison, in its inaugural year of 2021, the local market generated $1.1 billion. Currently, 15 Michigan casinos online offer their services to residents of the state, and that number might rise in 2024.
Enhanced Casino Offer in 2024
The upward trajectory of the market is evident from the MGCB data. Operators are actively working to enhance the player experience with dedicated Michigan online casino promotions. Most platforms are increasing their inventory of games, with the milestone of 10,000 slot titles accessible to players in the Great Lakes State being reached in November 2023.
The exclusive release of Play'n GO's Detroit Red Wings Winged Reelers on the Michigan market via PokerStars concluded in 2023. Other partnerships with software vendors have been formalized, with EveryMatrix providing gaming content to Caesars Palace and BetRivers in 2024.
Tax Revenue Is Expected to Rise in 2024
Nearly every one of the 15 operators licensed in Michigan has expressed market growth since their launch. However, a lion's market share goes to a trio of nationally established brands BetMGM, Fanduel, and DraftKings. Several Michigan institutions will benefit from the increased tax revenue from online casino gaming. The state took in $279.3 million in 2021, with the tax revenue climbing to $399.9 million in 2022, and the 2023 projections stand at $475 million.
The raised tax revenue is distributed to the School Aid Fund, which receives the biggest share of the tax revenue, with the Internet Gaming Fund and Michigan Strategic Fund receiving funding for responsible gambling programs. The School Aid Fund is the biggest recipient of tax revenue funds together with local jurisdictions.
Michigan's dynamic gambling market is continually growing and is one of the rarer U.S. gambling markets where online casinos are more profitable than sports betting apps. New initiatives from operators to improve the gaming offer will probably allow the market to hit $2 billion in revenue in 2024.
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