Michigan’s January iGaming Revenue of $181.9 Million Is the Highest to Date
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The year started on solid footing for Michigan online casinos after the iGaming market in the Great Lakes State set a new monthly revenue record, after the 15 licensed operators generated $181.9 million in gross receipts for January 2024, according to the report from the Michigan Gaming Control Board.
The combined revenue of Michigan casinos online for January surpassed the previous record by a margin of 0.3%, as in December 2023, the market hit $181.4 million in total revenue, the highest amount up to that point. There is no change at the top, with BetMGM Casino retaining its leadership role with $48.3 million, equal to a 26% market share.
January marks the third consecutive month with a new monthly revenue record for the Wolverine State. Although the growth rate of 0.3% might appear small, it's worth remembering that in January 2023, this market produced $153.7 million in revenue. The difference between last year's January and the first month of 2024 shows an 18.3% increase in revenue, clearly revealing the market's upward trajectory.
The Key Market Players
Aside from BetMGM, the most significant contributors to the pile of $181.4 million are FanDuel, with $42.9 million, and DraftKings, with $36.8 million. This trio of operators dominates the iGaming market in the Wolverine State with a 70% share of the total revenue. However, these operators did not improve their monthly revenue records in January.
BetRivers is stable in fourth place with $11.4 million for the first month of 2024. Caesars Palace continues to pool revenue from its stand-alone app and the casino section integrated into its sportsbook, and its gross receipts resulted in $10.2 million for January.
Caesars Place is also growing its position in the state by introducing new games and a competitive no deposit bonus Michigan, which might be one reason for the monthly improvements, evident from the fact that Caesars Palace crossed the 10 million mark for the first time in January.
The Tax Steam Is Growing
One online casino with a questionable future in Michigan is WynnBet, after this operator closed most of its casino apps in the remaining US markets with legal online casino gambling. WynnBet registered $3.3 million in revenue and will remain active in Michigan for the foreseeable future. This online casino had a much better month than Pointsbet, which will rebrand this month into Fanatics. Pointsbet took in $1.8 million, representing the 14th-best revenue in the state.
Another well-known brand with a national presence but not growing at the expected rate is PokerStars, which took in $2.2 million in gross receipts. January was also good for the state's and local jurisdictions' treasury coffers after the 15 online casinos paid $30 million in tax revenue.
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