Michigan Online Casinos Set a Historic Revenue Record in November
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The Michigan Gaming Control Board published the revenue figures for November, and the 15 licensed online operators have generated a combined revenue of $175.3 million. The high number makes November the best month in the history of Michigan online casino gambling, surpassing the previous record of $171.8 million set in March of this year.
It's a big question whether November will retain its place in the history books, considering December is still ongoing, but even without the last month of the year, 2023 will be the best revenue year for the Great Lakes State, totaling $1.74 billion for 11 months. For comparison, Michigan online casinos accumulated $1.58 billion throughout the entire 2022.
No doubt, the Detroit casino workers’ strike contributed to the high revenue, considering many gamblers transitioned to online platforms during the strike.
No Changes at the Top
BetMGM is still the best-performing operator with $46,7 million, with FanDuel assuming the second place at $43.9 million and DraftKings ranking third with $34,6 million. The bottom of the list is reserved for SI Casino with $1,3 million.
Although BetMGM is still the king of online gambling in Michigan, a reputation maintained consistently over the previous three years, FanDuel is making serious inroads in the market and is on track to dethrone BetMGM. FanDuel experienced an 18.6% increase over October and lost the November crown by $2.8 million.
Another operator having a good month is Barstool Casino. What Barstool’s $4.1 million revenue in November does not show at face value is the 24% spike in revenue over October, when $3.3 million was wagered at this online casino. BetRivers is not giving up its grip on the fourth position after securing $10.7 million in revenue, making its fourth month of the year with over $10 million.
The $2 Billion Milestone Will Be Reached in 2024
The online casino market is averaging $158.4 million per month in revenue. If that trend continues, a new yearly record for Michigan is on the horizon, with $1.9 billion projected for 2023. There is a 22% rise in revenue in the first 11 months of 2023, compared to the same period of 2022, and that statistic reveals substantial growth of the market in the Great Lakes State.
Online casinos are big business in Michigan, where sports betting is still not the dominant form of online gambling like in many other U.S. states. Operators are continually evolving their offer by partnering with new software vendors and offering Michigan online casino promotions to entice players and make big gains year by year. November generated $30 million more in 2023 than in 2022. The big milestone of $2 billion will probably arrive in 2024.
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