BetMGM Michigan Hits $1 Billion Total Revenue After Record Breaking 2022

Jessica Aletor
By:
Jessica Aletor
27/01/2023/
News
Slots 7

Highlights

  • The Michigan Gaming Control Board recently revealed that barely after two years of operation, BetMGM has made over $1 billion in revenue.
  • Across its two years, BetMGM Michigan’s revenue accounts for over one-third of the total revenue for online casinos in the state.
  • In 2022, online casinos in Michigan hit a total revenue of $1.58 billion, a 42% increase from its figures in 2021.

On the 22nd of January, it became exactly two years since online casinos became a legal activity in the Wolverine State. While there were sure expectations that the industry would be successful, very few saw a massive revenue boom occurring in just two years. Over this period, online casinos and sportsbooks in the state have broken countless financial records.

However, one commonly overlooked data is the contribution of individual gambling sites. In Michigan, BetMGM Casino MI proved to stand heads and shoulders above all other brands. The online casino recently crossed $1 billion in total revenue, making it Michigan’s highest earning operator.

MGCB Announces that BetMGM Made $1 Billion in Less than 24 Months

BetMGM was one of the first operators to launch on January 22 two years ago when Michigan legalized online casinos. Since then, it has totaled $1,006,111,563 in total revenue over the course of 23 months and two weeks. These lifetime figures have immense ramifications for both the operator and the Michigan online casino industry as a whole.

Besides being the most successful brand in Michigan, BetMGM further cemented a place as the country’s highest revenue earning casino in the opening two years of operation. The revenue record of BetMGM also represents more than one-third of the lifetime receipts in Michigan.

Interestingly, despite legalizing iGaming earlier than Michigan, New Jersey and Pennsylvania have yet to produce a single operator with such revenue, even in lifetime earnings.

BetMGM also appears to have beaten close competition by a large margin. It pooled more revenue than the combined figures of FanDuel Casino MI and  DraftKings Casino , the second and third most successful online casinos in the state.

In two years, both casinos have only made $876 million, compared to BetMGM’s $1 billion figure. With statistics revealed by the Michigan Gaming Control Board, BetMGM went on to earn more than the combined revenue of the other 12 operators since the start of legal online gambling in Michigan.

Exploring BetMGM’s Rise to Stardom Within Two Years of Operation in Michigan

For most spectators, BetMGM was always bound to be more successful than other operators in Michigan. Every month in 2022, the online casino totaled more revenue than any operator in the state.

The casino is famous for its collection of award winning games in its catalog. Not only does it offer more games than any other operator, it also gives the best payouts in the whole of the state. With a collection of almost 2,000 slot machines, a century of table games and 10 live dealers titles, BetMGM is the destination for players who value having multiple options.

Players also have the opportunity to claim massive jackpot rewards. In 2022 only, the operator paid out its clients a total of $100 million worth of jackpots. It is also the brand behind the famous MGM Grand Millions. All of these groundbreaking offerings have accounted for the casino’s rise to stardom and record breaking revenue statistics.

Overall Online Casino Revenue in Michigan Hit Lifetime Numbers of $2.7 Billion

Although BetMGM Michigan is the only operator in the billion club, the entirety of the online casino industry in the state also recorded lifetime returns of $2.7 billion. Online casinos in the state posted a total revenue of $1.11 billion and subsequently made $!.58 billion in 2022.

These figures brought its total state taxes in the past two years to $490.9 million while the total city taxes were pegged at $188.3 million. Michigan started with only eight operators on launch date and this figure grew to an all-time high of 15.

However, only 14 casino operators remain after TwinSpires shut down their online offerings late in 2022. Knowing this makes the milestone all the more impressive.

Record-Breaking Michigan Two-Year Operation is the Highest Ever State Tally

Perhaps the most promising news for Michigan after the release of the lifetime revenue figures was its record as the highest earning state in just two years of operation.

New Jersey and Pennsylvania are currently the most successful online gambling states over the past two years, but they were launched way before Michigan burst onto the scene. In their first two years of operations, they pooled $1.37 billion and $253 million, respectively.

Michigan online casinos had a very impressive 2022, making $152.8 million in December 2022 alone. The closing months of 2022 are no doubt instrumental to this record.

Jessica is a news contributor to Gamble Online Michigan. She holds a Bachelor's degree in Economics but has over three years of experience working in the hospitality and gambling industry. Despite her core finance and investment banking background, she has been a casino feature writer for N1 Interactive Limited and multiple gambling affiliate sites. Her work has been featured on the bet365 blog, casino.zone and Max Force Racing. She spends her time between Michigan and California, staying up-to-date on the latest industry developments