May Finishes in All-Time Monthly Revenue Top Five for Michigan Online Casinos

Jessica Aletor
By:
Jessica Aletor
30/06/2023/
News
Flying Casino Chips

Highlights

  • Michigan online casinos in May 2023 have recorded $150.6 million from slots, table games and live dealer titles.
  • BetMGM Michigan Casino retains top spot with $47.4 million revenue in May.
  • Revenue generated in May 2023 was a 5.5% decline from April 2023 but an increase of 18% year-over-year.

Online casinos in Michigan put up a fine showing throughout the fifth month of the year to secure an all-time top five finish. This means that May 2023 was the fifth highest monthly revenue generated in the history of Michigan online gambling. In total, the casinos pooled an aggregate of $150.6 million and paid $39.7 million in taxes.

Individual casinos also had some positive results, with BetMGM maintaining its number one spot in the state. Similarly, Four Winds Casino Michigan jumped up a few spots and recorded one of its most rewarding months ever. More details are made available below.

May Continues Solid Financial Run at Michigan Online Casinos

Michigan iGaming sites have had a generally fine outing throughout the first five months of the year. May’s revenue of $150.6 million is only a 5.5% drop from the $159.4 million that was recorded in April. Besides, it is a significant 18% increase from its $127.4 million revenue generated in May 2022.

The highest ever monthly revenue for Michigan online casinos came as recently as March 2023 when the state saw a total cash inflow of $171.8 million. February this year was the only month when the state did not cross $150 million in monthly revenue, but the four other months so far this year have fallen within the top five all-time monthly revenue bracket.

Interestingly, due to how incredible the past months have been, no operator in Michigan has broken any revenue record in recent times. In fact, this is the first time this year that none of the 15 online casinos in the Great Lakes State have posted a personal monthly best.

Without a doubt, these statistics are an indicator to the growth of the Michigan online gambling industry. Over the coming months, if the financials continue on this trajectory, the state may be ready to rival New Jersey and Pennsylvania as the leading regions for online casinos in the country.

All-Time Online Casino Tax Revenue Set to Cross $1 Billion

In May 2023, Michigan online casinos paid a combined $39.7 million worth of taxes to state and local authorities. This amount is approximately $2 million less than it did in April 2023. However, the best part of this news is that May’s taxes officially brought the total online casino tax revenue in the state to $899 million.

By the end of May, tax revenue would have surely crossed $900 million, with aim now shifting to a $1 billion milestone. Given the history of tax revenue receipts in Michigan being typically lower than $40 million, the state may not cross $1 billion until August 2023.

Nevertheless, should the state record any outlier month like March 2023 when it posted $44.6 million worth of taxes, it could achieve the $1 billion mark earlier. Alongside sports betting and retail casinos, the entire gambling industry in Michigan generates approximately $2 billion worth of tax revenue to the state every year.

Four Winds Casino Achieves Second-Best Monthly Revenue

Four Winds iCasino MI and two other gambling sites, while not breaking any records, managed to hit their second-best monthly revenue in 2023. Four Winds generated $3.6 million in May, to oust January 2023 as its second highest revenue for the year so far. The casino only did better in March 2023 when it pooled a massive $3.8 million.

Similarly, BetRivers Michigan Casino and Golden Nugget also recorded their second-best revenue so far in 2023, generating $8.7 million and $7 million, respectively. Unfortunately, compared to Four Winds, this revenue achievement didn’t change their position among the 15 online casinos in the state.

But for Four Winds, its May 2023 revenue ensured an eighth-place monthly finish for the second time in its history. This meant it rose above its closest competitors, Barstool Casino MI and PokerStars.

It also now has $73.4 million in all-time online casino revenue, placing it 10th in comparison to all other gambling sites in the state. However, it is fast closing in on PokerStars who currently sit in ninth place with $86.2 million in lifetime revenue.

Conversely, three other casinos recorded their lowest revenue so far in 2023. BetMGM failed to reach the $50 million revenue mark for the second time this year, generating $47.3 million, its lowest this year. betParx Casino MI and FireKeepers iCasino also had their low moments bringing in only $1.7 million and $1.6 million, respectively.

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