5 Key Numbers Illustrate Michigan’s iGaming Revenue Growth

Written By Drew Ellis on March 7, 2024
A large set of car keys and the word

The online gambling industry is a lot about the numbers.

Whether it’s handle, revenue or market share, the numbers tell the story of online casino growth in the state.

Some numbers carry a little more weight than others and are numbers you should be aware of.

Here are five of the most key Michigan gambling statistics that show the power of iGaming in the state.

72.7% online casino revenue growth

Bar chart showing Michigan Online Casinos Lifetime Revenue Growth from 2021 through 2023

From 2021 to 2023, online casino revenue grew 72.7% in Michigan. That’s a lofty number.

Online casinos were legalized late in January of 2021, with no real understanding of what iGaming could lead to.

The first year, online gaming saw a bit of a “feeling out process” from the consumers. That actually continued until the later stages of 2022, when things really took off.

Over the last quarter of 2022, Michigan brought in $439.2 million behind three consecutive record-setting months.

Then 2023 took the ball and ran from there. Only one month last year failed to reach $150 million in monthly revenue, and that was February with $148.2 million.

Similar to 2022, the end of 2023 also saw online casino revenue jump to another level. November surpassed $175 million for the first time, and that was followed by over $181 million in December.

The yearly total of $1.92 billion was a 72.7% increase from the $1.11 billion the state made in 2021.

To also drive home the growth of iGaming in the state, back in 2021 the peak month for revenue was $121.8 million in December. The lowest month in 2023 was the $148.2 million. That’s still 21.7% higher than 2021’s peak performance.

Market share of 1% equals $19.2 million

Nearly $20 million is certainly a hefty chunk of change.

What that number represents is just 1% of the 2023 online casino revenue in Michigan.

So, when you hear online operators talk about market share, having just 1% for the year in the state brought in $19.2 million.

By comparison, 1% of online sports betting revenue in the state for 2023 produced just $4.2 million.

Because of that, you can see why there is a strong emphasis on online casinos in Michigan. It’s also part of the reason you see some online operators electing to end their sportsbooks in the state. Sports betting is just not the same revenue driver as iGaming is.

Michigan closing in on a $5 billion milestone

The next major milestone for iGaming revenue in Michigan is $5 billion.

Currently, the state’s online operators have collected $4.8 billion in revenue since online casinos launched in January of 2021.

While it is unlikely that February’s numbers will produce $197.8 million in revenue, the milestone should easily be passed in March.

Should that be the case, it will have taken Michigan just 39 months to reach $5 billion in iGaming revenue.

Tax revenue of $1.21 billion

A lot can be made of the revenue the online casinos are making in Michigan, but that money also translates back to the state.

Since launch, Michigan has received $1.21 billion in tax revenue from online casinos.

In the first year, 2021, online casinos recorded $279.3 million in tax revenue. That was followed by just under $400 million in 2022 and then a record-setting $486.6 million in 2023.

That tax revenue is spread out to programs throughout the state, including first responders, responsible gambling programs and the School Aid Fund.

Market share gap of just 1.5% between BetMGM and FanDuel

A number like 1.5% may seem small, but it’s actually a big deal.

When 2023 came to an end, BetMGM Michigan held 34% of the online casino lifetime revenue market share in the state.

Since launch, BetMGM has been the clear leader in Michigan’s iGaming market. It has been the monthly revenue leader every month that online casinos have been legal.

Things peaked in August of 2021 when BetMGM owned 40.9% of the revenue market share that month. For most of the first two years, BetMGM was ranging from 37-40% of the market share month-to-month. It looked as if there may never be a contender to its reign in the state.

However, things started to turn in 2023 as FanDuel Michigan made a big surge late in the year. It became just the second online casino in the state to surpass $40 million in monthly revenue.

For all of 2023, BetMGM had a 30% market share compared to FanDuel’s 21%.

Pie chart showing Michigan online casino revenue market share in 2023 alone


While FanDuel has a long way to go to catch up to BetMGM in lifetime revenue, it’s currently right on the heels of the leader.

In November, FanDuel was the closest to surpassing BetMGM yet, with 25.1% of the market share, while BetMGM came in with 26.6%. That was just a 1.5% difference. Compare that to August of 2021, when FanDuel’s 14.6% market share was 26.3% lower than BetMGM’s 40.9%.

The money difference in November was also the closest any operator has been to BetMGM. FanDuel had a record $43.9 million that month, while BetMGM had $46.7 million. This resulted in a $2.8 million difference.

In 2024, it’s possible we could see FanDuel finally top BetMGM for a monthly revenue victory.

Photo by PlayMichigan
Drew Ellis Avatar
Written by
Drew Ellis

Drew Ellis is currently the Lead Writer of PlayILottery.com. He was the former Lead Writer of PlayMichigan, the No. 1 source for online gambling news in Michigan. A lifelong resident of the state, Ellis has been working in various forms of media since 1998, including more than a decade in the sports betting industry prior to transitioning into US casino markets in 2020.

View all posts by Drew Ellis
Privacy Policy