Michigan Online Casino Revenue Grew By 21% in 2023
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The recently published revenue data for December 2023 by the Michigan Gaming Control Board allows for a complete retrospective analysis of operators' performance in the Great Lakes State last year. The figures are encouraging, and a complete tally for the 12 months of 2023 shows that the Michigan casinos online have experienced a 21% revenue growth compared to 2022.
The industry as a whole in Michigan jumped from $1.5 billion in revenue in 2022 to $1.9 billion in 2023. Growth is evident across the board, with PointsBet recording a 77% revenue spike, DraftKings at 46.7%, Poker Stars at 16.9% and BetRivers at 9.2%.
Officially, three new operators joined the community in 2023. Previously mentioned PointsBet was rebranded as Fanatics, while Caesars Palace and Hollywood Casino appeared as standalone casino apps. Caesars Palace ended the year with a 32.1% year-over-year revenue increase. Hollywood Casino, formerly Barstool, experienced a dip of minus 13.9% in 2023.
Wynn Bet is another brand not gaining traction in the market, with a 3.3% decline year-over-year. The reasons for Wynn Bet and Hollywood Casino not joining the market's upward trajectory can be identified in the preference to invest in their sportsbooks, the lack of competitive Michigan online casino no deposit bonus deals, and a smaller range of games.
New Contender for Market Leader
Not every operator had a fantastic year. One curious example is market leader BetMGM, whose dominance in Michigan has remained unchallenged for three years, regularly capturing up to a third of the market share. Yet, this industry titan experienced a revenue decline of 0.4% in 2023, going from $589 million in 2022 to $586 million in 2023, according to the data from the MGCB.
Despite the lack of growth, BetMGM's position in the Great Lakes State is not in danger, considering the second-placed operator FanDuel brought in $405 million in revenue in 2023 and has a long way to go to catch up with BetMGM.
The tide might turn in 2024 if FanDuel sustains the momentum from 2023, when it took in $146 million more in revenue compared to 2022, while BetMGM took 3 million less. FanDuel grew by 56.7% last year, and despite having a lot of background to cover, 2024 can offer an exciting race for the next market leader.
Taxes Came Short from the $500 Milestone
Many industry analysts speculated that the iGaming tax revenue in 2023 will reach $500 million in the Great Lakes State for the first time ever. That expectation did not come to fruition, but it was close to hitting the projected milestone.
According to the official figures, the total tax revenue from the 15 online casinos is $486.6 million. To be more precise, the state treasury coffers took in $354 million, and $132 million was distributed to local jurisdictions.
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