Michigan Online Casinos Pool $148 Million in February, Amid 20% YOY Growth

After setting a ground-breaking record of achieving a new all-time revenue over the past four consecutive months, Michigan online casinos have failed to extend their personal best. According to figures released by the Michigan Gaming Control Board, online casinos in the state pooled $148 million, which was lower than its January 2023 star performance of $153.7 million.

However, on a year over year comparative scale, iGaming operators in the Wolverine State did significantly well in February. Several brands also achieved new revenue records, despite the short length of the month. A breakdown of the financials are available below.

Michigan online casinos closed February 2023 with a 3.6% decline from their revenue total in January 2023. Negative projections from last month about the possible financials of February 2023 proved true after iGaming operators failed to extend the state’s revenue record run.

The MGCB announced that the state’s online casinos brought in $148.17 million in revenue as against January’s $153.9 million. While this proved to be a slight drop from the past month, it also meant a 20.7% increase from a year-over-year perspective. Michigan online casinos pooled $122.8 million in February 2022, which was a bump from January 2022’s $122.2 million revenue.

As it stands, only December 2022 and January 2023 revenue figures top Michigan iGaming earnings since inception. This makes February’s total revenue of $148 million the third highest of all time. It’s also worth noting that this is the first release of revenue figures since online casino operators in the state went back to 15.

Compared to the past months, this would seem that the introduction of SI Casino Michigan failed to significantly boost revenue in the state. Additionally, online casinos submitted $26.3 million in gaming taxes and fees to the Michigan State in February.

This year, BetMGM became the first individual brand to top $1 billion in iGaming revenue. Now, after two years since Michigan first opened its doors to online gambling operators, the state is now on the fringes of crossing $3 billion in total revenue. Lifetime earnings currently stand at $2.998 billion. With these figures, the Great Lakes state is only about $2 million shy of the$3 billion landmark.

Michigan will definitely cross $3 billion when figures for the month of March will roll out. Since inception, it would have taken the state 27 months to reach $3 billion in revenue. On a comparative scale, Michigan has done better than most other states. Pennsylvania and New Jersey took 38 and 91 months, respectively to reach the $3 billion all-time revenue mark.

Despite being at the forefront of online casino gaming in Michigan, BetMGM Casino MI witnessed one of its lowest monthly revenues in February 2023. BetMGM accounts for 36.9% of the entire, all-time market share in Michigan with a total revenue north of $1 billion.

In February, the casino recorded $48.4 million, failing to continue its run of four consecutive months with $50+ million in revenue. These figures also represent the lowest figures the operator has pooled since September 2022. Regardless, it still sits atop Michigan’s market share, contributing 32.7% to the state’s total revenue in February.

For DraftKings Casino MI and FanDuel, the year has progressed on a very positive note. Their run of revenue boosts have been capped off with record earnings in February 2023. DraftKings hit a record of $26.9 million in revenue, beating its all-time revenue of $26.2 million set in January 2023.

On the other hand, FanDuel Casino MI cemented its place as the second leading revenue-generating operator with an all-time record revenue of $29.5 million. This was a slight increase from its previous record of $28.95 million set in December. Several other casinos saw a month-over-month revenue increase, despite Michigan’s decline on the same metric. These operators include Parx, WynnBet, PointsBet and Play Eagle.

In all, the revenue from Michigan in February is indicative of a positive trend, especially for the relatively smaller brands. Despite the reduced months in the year and more sports betting activities, online casinos in the state have been able to relatively hold on to their financial strengths.