The Michigan Gaming Control Board reported that iGaming operators produced $196.7 million in August revenue, which brings the state to $6 billion in lifetime earnings. The Great Lakes State became the third market, behind Pennsylvania and New Jersey, to reach $6 billion.
As the summer unofficially wound down, Michigan online casino revenue trended upwards in a banner month. Operators exceeded the $190 million threshold for the fifth time this year.
Michigan online casinos increased earnings at a 2.8% rate month-over-month and 29.2% year-over-year. The record for revenue occurred in March when operators recorded $215.2 million. Platforms are poised to cross the $200 million once again before the end of 2024.
Takeaway #1: Michigan operators reach illustrious milestone
The Great Lakes State cracked the $6 billion threshold in fewer than four full years since launching in January 2021. Because of the appetite for gambling in the state, online casinos have expanded at an astronomical rate in Michigan.
Michigan became the last state to launch iGaming out of the Big 3 of Pennsylvania, New Jersey, and itself. Despite Pennsylvania as the current market leader, New Jersey leads all three markets in lifetime revenue:
- New Jersey: $8.9 billion
- Pennsylvania: $7.3 billion
- Michigan: $6.2 billion
Currently, Michigan is second, behind Pennsylvania, in terms of 2024 revenue. The state has produced $1.55 billion compared to New Jersey’s $1.52 billion. The two markets are extremely similar and should continue to be so throughout the rest of the year.
Takeaway #2: Monthly increase speaks to health of vertical
The online casino industry is booming in the Great Lakes State, as operators were able to increase revenue from July, something it couldn’t do in 2023.
The 2.8% increase represented more than $5 million in revenue from July. Last year, month-over-month revenue decreased 0.78%, from $153.6 million to $152.4 million in August.
Michigan could take even bigger leaps into the fourth quarter of 2024, where the gambling scene picks up even more with a full slate of NFL and college football.
It wouldn’t be surprising to see operators touch $200 million in at least two of the final four months.
Takeaway #3: BetMGM keeps FanDuel at arm’s length once again
For the second straight month, BetMGM Casino MI keeps FanDuel Casino MI in the rearview. The market leader, BetMGM, finished more than $4 million ahead of FanDuel in August.
FanDuel has challenged BetMGM for the market lead on many occasions in 2024 so far, even taking over the crown for two months this year. However, this is the fourth straight month BetMGM has finished on top. Here is how the two fared in 2024:
| Month | BetMGM | FanDuel |
|---|---|---|
| January | $48.3 million | $42.9 million |
| February | $50.3 million | $48.4 million |
| March | $54.7 million | $57.6 million |
| April | $49.8 million | $50.7 million |
| May | $51.6 million | $51.5 million |
| June | $47.9 million | $45.6 million |
| July | $50.7 million | $46.7 million |
| August | $52.4 million | $48.4 million |
| Total | $405.7 million | $391.8 million |
BetMGM has the momentum to finish the year as the market leader once again.
August 2024 online casino revenue by operator
| Licensee | Online Brand | Revenue | Promos | Taxes |
|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $52,451,484 | $5,245,148 | $13,807,853 |
| MotorCity | FanDuel | $48,381,748 | $4,838,175 | $12,736,495 |
| Bay Mills | DraftKings | $36,648,511 | $3,770,003 | $9,205,982 |
| Little River Band of Ottawa | BetRivers | $13,029,330 | $1,302,933 | $3,283,391 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $12,618,795 | $1,261,879 | $3,179,936 |
| Keweenaw Bay | Golden Nugget | $7,410,520 | $743,606 | $1,866,736 |
| Greektown | Hollywood | $4,260,323 | $426,032 | $1,121,530 |
| Pokagon Band of Potawatomi | Four Winds | $3,973,916 | $397,392 | $1,001,427 |
| Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $3,741,453 | $374,145 | $942,846 |
| Sagniaw Chippewa | Eagle | $3,419,814 | $341,981 | $861,793 |
| Little Traverse Bay Bands of Odawa | PokerStars | $2,778,575 | $277,857 | $700,201 |
| Sault Ste. Marie Tribe of Chippewa | WynnBet | $2,693,442 | $269,344 | $678,747 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $2,603,215 | $260,322 | $656,010 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $1,839,995 | $183,999 | $463,679 |
| Hannahville | SI | $809,054 | $80,905 | $172,698 |
| Total | $196,660,172 | $19,773,724 | $50,679,324 |
