Michigan online gaming continued its hot start in February, compiling $79.7 million of revenue in its first full month active in the state.
BetMGM led casino operators with $26.9 million in internet gaming revenue, good for a 33.8% market share. BetMGM also led the way in January with $11.1 million in revenue, which amounts to a 37.7% market share.
Operators reported $75.2 million in adjusted gross receipts for February and paid $14.0 million in state taxes and payments. Through 38 days, internet gaming raised $18.3 million in tax revenue. It’s striking to compare that total to online sports betting, which raised just over $250,000 in state taxes through February.
Michigan now has 11 online casinos and one live poker platform. PokerStars launched Jan. 29, and the site hosted the first Michigan Championship of Online Poker last month.
Eight casinos launched Jan. 22. Stars Casino joined Jan. 29, Barstool Casino went live Feb. 1 and Four Winds Casino launched Feb. 15.
BetMGM still leads Michigan internet gaming market
This is a strong showing by BetMGM, which was second in online sports betting handle in February for the second straight month, holding off third-place DraftKings.
As of late February, BetMGM had the most game offerings in its online casino, with 147.
January’s impressive start for BetMGM ticked down a tad in February market share, as other operators are starting to catch up.
BetMGM’s 33.8% share is followed by FanDuel ($16.6 million; 20.8% share); DraftKings ($14.5 million; 18.1%); PokerStars/Stars Casino ($5.7 million; 7.2%); and Barstool ($5.2 million; 6.6%).
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Online poker, tribal brands affect internet gaming market share
PokerStars captured a strong online poker start, although the Michigan online gaming revenue numbers don’t distinguish online poker from online casinos.
Four Winds, the first operator of three that will have its own tribal casino brand, earned $214,456 in revenue, a market share of 0.2%. The online casino was live for nine of the month’s 28 days.
Two others, FireKeepers and Soaring Eagle, have not yet launched their products. Parx Casino will round out the list of 15 eventual operators.