Monthly revenue releases for Michigan online casinos are always good for talking points.
Still a relatively new industry, piecing together trends can help forecast what to expect in the months and years to come.
June wasn’t a terribly explosive month for the industry. However, there’s still some interesting tidbits to consider.
Year-to-year Michigan online casino revenue growth remains consistent
While June was the lowest online casino revenue total since January, the growth of the industry is still quite evident.
When comparing months from 2021 to 2022, each month has shown a big increase in revenue.
Since internet gaming began late in January 2021, comparing it to January 2022 isn’t helpful. Here’s full month comparisons thus far:
- February: $79.7 million to $122.8 million (54.1% increase)
- March: $95.1 million to $131.7 million (38.5% increase)
- April: $94.9 million to $132.4 million (39.5% increase)
- May: $94.9 million to $127.4 million (34.2% increase)
- June: $89.2 million to $121.5 million (36.2% increase)
It’s worth noting that June 2021 was the first month Michigan had 14 online casinos available. The state got to 15 this past April with the addition of Eagle Casino & Sports.
While fewer operators can obviously lead to less revenue, the big names have been present since the start. Also, June shows roughly the same increase as other months even though June 2021 had a nearly full plate of operators available.
BetMGM massive tax source
BetMGM Casino Michigan continued its dominance of online casino operators in the state last month.
In June, BetMGM accounted for 38.9% of the total iGaming revenue share at $47.2 million.
It also accounted for 38.9% of the tax revenue raised for the state in June. BetMGM supplied $8.33 million in state taxes and $4.1 million in local taxes.
Even more impressive is that when you combine them ($12.43 million), that’s more than the revenue of 12 of the 15 online casino operators in Michigan. Only FanDuel Casino MI ($18.53 million) and DraftKings Michigan ($17.85 million) avoided that distinction.
Since internet gaming launched in January of 2021, BetMGM has accounted for 40% of the state’s total tax revenue at $183.5 million.
Don’t shed a tear for them though, as BetMGM has generated $702.2 million in all-time iGaming revenue in Michigan.
Eagle Casino moves up the ladder
Soaring Eagle Casino has to be somewhat encouraged by the June showing for Eagle Casino & Sports, its online application.
Launching in April, the online casino has shown solid growth over its first two full months.
Here’s a look at the online revenue it has generated thus far:
- April: $398,111 (launched April 14)
- May: $1,368,148 (up 244%)
- June: $2,056,520 (up 50%)
As the revenue has grown, so has Eagle Casino’s standing among the 15 operators in Michigan. It finished an expected 15th in revenue for April, but climbed to 13th in May. In June, Eagle jumped up to 11th.
It’s also not far off from Fox Bet, which finished 10th with $2,368,365 in revenue for June.
Michigan online casino promos still available
When online gaming launched, promotions were certainly a big part of getting new users into the platforms.
While many users had doubts that promotions would last much past the opening few months of operations, they remain strong 18 months into the newer industry.
In June, just under $12.1 million in promotional credit was accounted for from the internet gaming operators. That marked the seventh consecutive month that promo credits have exceeded $12 million.
Don’t look for that number to dip much any time soon. Operators are recognizing the value in offering special promotions to keep gamers happy.
