September Revenue at MI iCasinos Up 29.3% From 2022, Lifetime Receipts Top $4 Billion

The Michigan Gaming Control Board has released financial statistics from September 2023 bordering on the performance of online casinos in the state. In the past month, Michigan online gambling operators generated their second-greatest monthly revenue total, coming closely behind March 2023’s gross receipts of $171.8 million. Revenue from the 15 tribal casinos and three commercial operators resulted in a total of $166.4 million.

In addition, September’s gross receipts meant that Michigan finally crossed the $4 billion lifetime revenue milestone. It was only in August that Michigan surpassed the $1 billion tax revenue mark, becoming the first US state to do so.

According to a press release by the Michigan Gaming Control Board, September’s revenue was a 9.3% increase from August 2023 when the state’s casinos pulled only $152.2 million. However, compared to September 2022, last month’s revenue was a massive 23% boost.

Last year, Michigan online casinos generated $128.7 million. This meant that online casino operators generated over $37 million more than they could manage from a year-over-year point of view.

Year to date, Michigan’s total online casino revenue stands at about $1.41 billion, a 23% growth from the $1.14 billion cumulative revenue achieved in the same period last year.

As it stands, there is a $170 million difference between the total revenue recorded throughout 2022 and the year-to-date figures from the nine months of 2023. Last year, the state set the record for yearly online casino revenue after it pooled $1.58 billion in 12 months.

Should Michigan iGaming operators maintain the pace, the state is projected to close the year with $1.95 billion, indicating a consistent 23% growth over last year’s numbers. 
Generally, the last three months of a year are known for big boosts in monthly gross receipts. In 2022, Michigan closed off with significant increases, growing from $141 million in October to $145.4 million in November and $152.8 million in December.

Perhaps the most exciting news from Michigan online casinos in September was that the state crossed $4 billion in lifetime revenue. After September’s figures, Michigan’s overall revenue stood at $4.1 billion.

The state clinched these numbers in 33 months, making it the fastest ever to hit the milestone. It also meant that Michigan generated an average of $124.3 million each month. 
Online casinos paid $31.3 million worth of taxes to the state and another $11.5 million to local authorities

As usual, BetMGM Casino MI remained the leading iGaming operator in the state after pulling $48.6 million in September. However, in the past six months, the operator is struggling to make it back into the $50+ million monthly revenue range after it last achieved this figure in March 2023.

PointsBet which now operates as “A Fanatics Experience” set a major record with its first full month after its restructuring. It generated $1.9 million in revenue, slightly above the $1.7 million it recorded in March. PointsBet has also generated a total of almost $13 million between January and September, almost double its total revenue of $6.6 million during the same period last year.

For two of BetMGM’s closest rivals, the competition has only intensified. For the first time in a long time, DraftKings overtook FanDuel as the online casino with the second highest-grossing monthly revenue in Michigan. The last time this happened was August 2022 when DraftKings beat FanDuel to it by a margin of $33, 406.

In September, DraftKings Online Casino Michigan generated $37.1 million worth of revenue, its highest ever gross monthly revenue. September’s figures greatly surpassed the operator’s previous record of $31.6 million achieved in March this year.

Year to date, DraftKings has now recorded $260.9 million in iGaming revenue, 48% more than it did within the first nine months of 2022.

Although September turned out to be similarly record-breaking for FanDuel Casino MI, the casino could only manage $35.2 million in gross receipts. This monthly revenue record topped its previous best of $34.2 million also generated in March. However, compared to DraftKings, the operator is far ahead in its annual total year to date with a cumulative revenue of $281.5 million.