Casinos in Michigan Set New Online Revenue Record in January with $181.9M

The first month of the year 2024 was, without doubt, a good one for online casinos in Michigan. Another monthly revenue record was set by the 15 online casinos in the Great Lakes State, all of which combined for a total of $181.9 million in revenue from slots, poker and table games.

January 2024’s income marked a narrow 0.3% increase over December 2023’s record $181.4 million monthly revenue. Interestingly, the January figure is an 18.3% increase from January 2023’s $153.7 million in revenue, which was a new record at that time.

As of January, a total of 15 commercial and tribal operators have been authorized to launch iGaming and/or internet sports betting. These Michigan online casinos continued to record satisfying gains, thus setting a new monthly revenue record for the third consecutive month.

In November 2023, the casinos started the trend with a record $175.3 million. That was exceeded in December with $181.4 million, which was leapfrogged by January’s $181.9 million.

This marks the first time that Michigan has recorded at least $175 million in monthly iGaming revenue for the three straight months. The only other time it surpassed $170 million was March of 2023.

The online operators reportedly submitted $30 million in iGaming taxes to the State of Michigan while paying an additional $7.9 million to the City of Detroit.

January saw a particularly impressive performance from the three leading operators in Michigan. Together, these three operators captured a whopping 70.1% of the total revenue generated by all operators within the state for the month, underscoring their significant impact on Michigan's online gambling landscape.

Leading the pack was BetMGM Casino Michigan, which staked its claim as the top earner for the month, bringing in a substantial $48.3 million. Trailing not too far behind was FanDuel Casino MI, which also put up a strong performance, securing $42.9 million in revenue. Completing the trio of top performers was DraftKings Casino Michigan, which generated $36.8 million.

Together, these three industry heavyweights amassed a total of $127.5 million in revenue for January. However, despite their strong financial display, none of these frontrunners managed to surpass their previous record earnings. This is proof that the Michigan online gaming market is not as stable nor as competitive as one might expect.

Other earners and their performances are listed below:

• BetRivers - $11,483,044
• Caesars - $10,229,945
• Golden Nugget - $6,783,139
• Hollywood Casino - $5,092,337
• Four Winds - $3,448,248
• WynnBet - $3,348,919
• Eagle - $3,320,253
• PokerStars - $2,900,994
• Play Gun Lake - $2,207,153
• FireKeepers - $2,030,420
• PointsBet - $1,832,765
• SI - $1,679,234 

Coming in hot as number four and five on the list of top earners are BetRivers and Caesars respectively. These two online casinos were earning well towards the end of 2023 and have sustained the growth into 2024.

BetRivers Casino Michigan recorded at least $10 million in revenue for the fourth consecutive month and at least $11 million for the second consecutive month.

In December, the online casino operator brought in a record $11.489 million while it recorded a slight slump to earn $11.483 million in January.

Caesars has established itself in the top five online casinos as it has set a new revenue record for the third consecutive month. After crossing $9 million in both November and December, Caesars brought in $10.2 million in January between Caesars Palace Michigan and Caesars Sportsbook.

By the way, Caesars was one of only six online operators in Michigan to see at least 30% revenue growth in its iGaming revenue from 2022 to 2023. In comparison, BetRivers had 9.2% growth in 2023.

Currently, Caesars is carrying a lifetime share of 3.7% in the Michigan online casino revenue market having earned $176.4 million over its lifetime in the state. It is in the process of finalizing a deal that will see it acquire WynnBet Michigan’s iGaming license from Wynn Resorts.