November Revenue at Michigan Online Casinos Sets Record as Best Monthly Total Ever

Jessica Aletor
By:
Jessica Aletor
26/12/2023/
Industry
Michigan Casino News

Highlights

  • Michigan online casinos recorded $175 million in November, besting the former best monthly revenue of $171.8 million generated in March 2023.
  • Yearly revenue also hit an all-time high of $1.74 billion with one month to spare, already outdoing the $1.58 billion posted in 2022.
  • BetMGM remained atop the ranking of top operators by revenue despite FanDuel crossing the $40 million revenue mark for the first time in its history.

Online casinos in Michigan have combined to deliver the state’s best ever yearly revenue, thanks to yet another record-breaking month in November. It would appear that the Detroit casino workers’ strike helped push more customers online, especially with contrastingly low revenues from the retail end of the industry.

The Detroit casino workers’ strike, which started in October, lasted a total of 19 days in November, eventually resulting in the worst monthly revenue for the three Detroit casinos in 22 years. And on the flip side, online casinos have recorded their highest monthly total, blowing the former record set in March out of the water.

Michigan Online Casinos End November with Whopping $175 Million in Revenue 

Back in March this year, Michigan online casinos generated $171.8 million, the then monthly online revenue record. The state has only come close to eclipsing this milestone in September when the casinos grossed $166.4 million. Interestingly, the long-awaited record-smashing revenue came in the rather tumultuous month of November.

Against the backdrop of the Detroit casinos workers’ strikes, online casinos in the Great Lakes State posted a revenue of $175.3 million. This is the highest figure pooled in the history of the state. According to data released by Michigan Gaming Control Board, November’s revenue is a 9.4% increase from October when the casinos generated $160.3 million. Compared to November 2022, last month’s revenue was up 20.6%.

Despite still having one month to spare, the annual revenue for 2023 already stands at $1.74 billion. This figure has already surpassed the $1.58 billion generated in the entirety of 2022 to become the state’s best year yet in terms of revenue. The year-to-date total is currently 22% more than the $1.43 billion posted in the first 11 months of 2022.

As it stands, online casinos have now averaged a revenue of $158.4 million throughout 2023. Should Michigan witness another monthly revenue at or above the average figure in December, the state will hit $1.9 billion even as it rounds up the year. Unfortunately, though, this also means that Michigan may not attain the $2 billion milestone this year, no thanks to months like February when revenue slowed down and hit marks lower than $150 million.

FanDuel Closes in on BetMGM After Record-Breaking Month 

One of the standouts from the month of November came from FanDuel Online Casino Michigan. With the exception of September when it dropped to third position, FanDuel had always come behind BetMGM in second place throughout the year. However, in the past month, FanDuel significantly closed the gap between it and BetMGM after generating its highest ever monthly record revenue of $43.9 million.  

BetMGM Online Casino MI, on the other hand, recorded $46.7 million, the seventh month in which the operator has failed to reach $50 million. In essence, FanDuel fell short of the top spot by only $3 million, the first time that FanDuel has come so close to unseating BetMGM as the market leader.  

Both online casinos are operated by Detroit retail outlets and had their parent casinos witness massive decline in November. While FanDuel recorded upticks month-over-month and year-on-year, BetMGM declined by almost $7 million compared to November 2022 despite a 2.4% increase from October.   

Caesars, BetRivers and Others Set New Revenue Records in November  

FanDuel was not the only casino in Michigan with a good month. Caesars Palace Online Casino Michigan which newly launched during the year generated $9.1 million, a massive 26.4% improvement on its previous monthly record revenue of $7.2 million reported in September. BetRivers MI Casino also posted an all-time monthly total in November with a revenue of $10.7 million. The casino has crossed $10 million in monthly revenue three times since August.

FireKeepers and Gun Lake Casino are other operators that pooled monthly record revenues. Gun Lake Casino generated $2.15 million, narrowly exceeding the $2.14 million it recorded in March. Similarly, FireKeepers Casino MI bested its September record-breaking revenue of $1.86 million after it posted gross receipts of $1.9 million in November.

The state brought in casino taxes worth $32.9 million in November. Overall, it has generated $320 million in online casino revenue taxes year to date. Just like with revenue, this figure is already more than the $289.2 million reported throughout 2022.

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