Michigan Online Casinos Surpass Revenue Records Four Consecutive Times

Online casinos in Michigan set a historical milestone made in February. Gross receipts for the month surpassed the record of $181.9 million that was set in January. The new record of $188 million, currently the highest in the history of the state, was set in February.

The new record is a 3.4% rise from January’s record and an impressive 26.9% jump from February 2023’s $148.2 million. A total of 15 licensed online casino operators contributed to this remarkable performance in The Great Lakes State.

Michigan’s gambling industry is having a good time. For four straight months, Michigan online casinos have set new records every month. In February, the online casino platforms recorded the highest figures so far.

The $188 million gross receipt from February was almost $40 million higher than was obtained in the same month last year. It is also $6.1 million higher than January’s gross receipts.

The highest-earning online casino platform in February was BetMGM Casino Michigan with little over $50.2 million and paid $13.2 million in taxes. FanDuel Casino MI took second place with over $48.4 million in revenue while DraftKings Casino MI finished in third place with $36.9 million.

The revenue of other online casinos is presented below.

Michigan state authorities received $33.8 million in February tax payments and $12.9 million was paid to local authorities for the same month.

February brought a lot of good news. The month marked the first time in nine months that BetMGM was able to cross the $50 million mark in monthly revenue. Also, rival FanDuel Casino Michigan was just $1.8 million shy of overtaking BetMGM in February. That’s the closest gap between the two rivals so far.

Beyond almost grabbing the monthly revenue lead, FanDuel set a new record for itself with $48.4 million. Previously, the online casino had set a record of $43.9 million in November 2023. The new record exceeds November’s revenue by more than $4 million.

While the gap between FanDuel and BetMGM is closing, the former is outperforming the state’s No. 3 operator, DraftKings Casino. DraftKings has been unable to reach the $40 million mark since it resumed operations in The Wolverine State even though it remains a Top Three operator.

Fanatics Casino deserves special mention. The online casino platform was launched in Michigan on February 22. It resumed operations after acquiring PointsBet online casino and online sportsbook products for $225 million. (The original offer was $150 million before DraftKings presented a counteroffer of $195 million).

While the online casino was two positions shy of the bottom of the list, Fanatics/PointsBet $1.86 million in revenue was its highest total revenue since November 2023. The online casino had a little over a week to rake that amount in. We applaud Fanatics for its performance in February while awaiting March’s figures.

Michigan’s online casino lifetime revenue is now on track to surpass $5 billion. As January came to an end, the state was $200 million shy of this lofty milestone. February’s impressive gross revenue put Michigan at $4.99 billion. This leaves a less than $10 million gap that will certainly be surpassed in March.

It has taken the state less than four years to reach the $5 billion lifetime revenue mark. The legalization of online casinos occurred towards the end of January in 2021. Between 2021 and 2023 alone, the revenue of licensed online casinos grew by 72.7% in Michigan. Since launch, Michigan has received $1.21 billion in tax revenue from online casinos.