Michigan Online Casinos Set a Historic Revenue Record in November
The Michigan Gaming Control Board published November revenue figures, and the 15 licensed online operators generated a combined $175.3 million. The high number makes November the best month in Michigan online casino gambling history, 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, given that 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 over 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 remains the best-performing operator with $46.7 million, followed by FanDuel at $43.9 million and DraftKings at $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 it has consistently maintained over the past 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 in monthly revenue. If that trend continues, a new yearly record for Michigan is on the horizon, with $1.9 billion projected for 2023. Revenue rose 22% in the first 11 months of 2023 compared to the same period in 2022, indicating substantial market growth 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 offers by partnering with new software vendors and running casino promos to entice players and drive year-over-year growth.
In November 2023, the company generated $30 million more than in 2022. The $2 billion milestone will likely be reached in 2024.
