Being atop the revenue report never felt so worrisome for BetMGM Michigan. Its market share is shrinking.
Last week, the Michigan Gaming Control Board released the August revenue for all Michigan online casinos.
As usual, BetMGM led the way. However, Michigan’s iGaming leader drew its lowest market share ever while FanDuel Casino MI had its closest gap to first place in over two years.
BetMGM Michigan sees market share low
The August 2023 revenue report showed BetMGM Michigan brought in just over $44 million for the month.
That, once again, put BetMGM atop the list of Michigan’s 15 online casino operators. It’s a position that BetMGM has held every month since online casinos launched. That’s 32 months and counting.
However, BetMGM was far off from its 35.7% lifetime market share of the state’s online casino industry.
The $44 million represented just 28.9% of the market share in August. That marked the first time that BetMGM Michigan was below 30% of the market share in a given month.
The $44 million in revenue was also the lowest monthly revenue total the online operator has had in Michigan since January of 2022.
FanDuel Casino MI closes the gap
Part of the reason for the low numbers for BetMGM were due to the high numbers for FanDuel Casino Michigan in August.
FanDuel brought in $33.2 million in revenue for August. That was the second-highest monthly total the operator has ever recorded.
Even more important was that FanDuel had 21.8% of the market share for the month. That was the highest it has recorded since January 2021, when online casinos first launched.
The financial difference between BetMGM and FanDuel was just $10.8 million. That was the smallest margin between first and second since February of 2021, the first full month of Michigan online casinos.
FanDuel Casino surging in 2023
August’s revenue numbers showcased a trend we have been seeing throughout 2023.
While BetMGM continues to have a comfortable lead on the industry in the state, FanDuel is making its biggest push yet to challenge BetMGM.
With August’s revenue, FanDuel Casino Michigan is now up 56.8% in revenue for the first eight months of 2023 ($246.4 million) compared to the first eight months of 2022 ($157.1 million).
Comparatively, BetMGM Michigan is only up 4.2% in 2023 ($382.5 million to $398.4 million).
Overall, FanDuel has a very long way to go to catch BetMGM. BetMGM sits at $1.40 billion in lifetime MI online casino revenue compared to just $689.8 million for FanDuel.
However, FanDuel is trending in the right direction while BetMGM is not.
For 2023, FanDuel has 19.9% of the market share, well above its 16.3% for all of 2022. BetMGM is at only 32.1% of the market share in 2023, a far cry from the 37.2% in 2022.
We’ve seen that FanDuel Casino is also surging in downloads, while continuing to pile on more and more games to its online casino library.
FanDuel has found the right strategy to be the hot online casino in Michigan right now. Will that trend continue long enough for it to be a threat to BetMGM?
Right now, the gambling statistics are in FanDuel’s favor. However, there’s still a lot of work to be done for FanDuel.
