Michigan igaming operators have been doing an amazing job early in 2024, recording new revenue records each month of the new year and surpassing even the wildest projections.
In February, they brought in $188 million in gross revenue, a number that broke all previous records, but would once again be very short lived.
The Michigan Gaming Control Board (MGCB) came out with its revenue report for the month of March, and the operators have set a brand new record of $215.2 million in gross revenue, briefly shattering the all-time record for all states where online gambling is regulated in the US.
Just a couple of days later, the Pennsylvania report confirmed that the Pennsylvania online poker and casino operators smashed this number as well and made the Keystone State the country’s biggest igaming earner once more.
Nevertheless, the amazing growth of 18% month-over-month and 25% year-over-year demonstrates that the Michigan igaming market is still very much on the uptick.
FanDuel Takes Away BetMGM’s Lead
Online casinos first launched in the state of Michigan in January 21, and ever since then there was one brand leading the way, BetMGM Casino MI.
BetMGM managed to keep the pole position as leading revenue generator in the igaming space for 39 consecutive months, and FanDuel Casino now finally managed to break the cycle and take the top spot in March.
Last month, FanDuel Casino MI generated $57.6 million in revenue ahead of BetMGM Casino MI’s $54.7 million, with the two combining for over $110 million and over half of the overall revenue in the state.
To date, BetMGM Casino has managed to collect $1.75 billion in revenue in Michigan, compared to $998 million of FanDuel, demonstrating the early dominance of BetMGM whose legacy revenue still keeps it the number one operator in the state.
Yet, with FanDuel on pace to break the billion dollar mark in April, it will be interesting to see just how far the operator can come and whether its lead over BetMGM can continue into the months and year to follow.
Online and Live Casino Coexisting in Peace
In many states that are considering legalizing online gambling, there is a real fear of online operators cannibalizing the live casinos and shrinking their revenue numbers.
Michigan is living proof that such concerns are mostly unfounded, as no proof of cannibalization can be found in the March numbers.
In fact, looking at reports for live gambling revenue, it is clear that the three Detroit-based casinos collected more revenue in March 2024 than they have in any month since 2019, a total of $122.3 million.
Combined with the online casinos reporting their highest yield ever, these numbers are a clear indicator that online and live casinos can not only coexist but also thrive off each other’s success.
To date, online casinos in Michigan have collected over $5 billion in revenue and paid over $1.3 billion in taxes, money that’s been going towards education and other socially beneficial programs.
The state continues to be mindful of negative impacts of online gambling as well, with MGCB actively working in creating new programs for suppression of problem gambling, and operators helping create a safe gambling environment for everyone involved.
