It’s certainly an understatement to say that Michigan online casinos are doing well.
Throughout 2023, all Michigan online casinos have combined for over $1 billion in revenue through seven months.
That revenue total is over 23% greater than through seven months of 2022.
So, as a great businessman named Ric Flair once said, “what’s causing all this?” Which operators are most responsible for 2023’s growth in revenue?
Michigan online casinos over $200 million ahead of 2022
With $1.09 billion in revenue through July, Michigan online casino revenue is 23.2% greater than the $883.6 million it was at through July of 2022.
That equates to $204.6 million added revenue this year. All of that growth takes mostly a team effort. Here’s a look at how each operator is contributing to the surge.
| Operator | 2022 Revenue (through July) | 2023 Revenue (through July) | Difference | Percentage Increase |
|---|---|---|---|---|
| FanDuel | $137,793,214 | $213,190,970 | $75,397,756 | 54.7% |
| DraftKings | $135,087,503 | $195,591,986 | $60,504,483 | 44.8% |
| BetMGM | $333,149,007 | $354,343,389 | $21,194,382 | 6.4% |
| Eagle Casino & Sports | $5,966,458 (launched in April) | $18,753,307 | $12,786,849 | 214.3% |
| Caesars | $37,873,010 | $48,708,498 | $10,835,488 | 28.6% |
| Golden Nugget | $40,642,056 | $48,368,402 | $7,726,346 | 19.0% |
| Four Winds | $19,158,038 | $24,316,637 | $5,158,599 | 26.9% |
| PointsBet | $4,837,123 | $9,751,662 | $4,914,539 | 101.6% |
| PokerStars | $18,138,467 | $21,161,388 | $3,022,921 | 16.7% |
| Sports Illustrated | $5,286,421 (was TwinSpires) | $8,271,740 (launched in February) | $2,985,319 | 56.5% |
| FireKeepers | $8,791,265 | $11,688,864 | $2,897,599 | 33.0% |
| WynnBet | $31,781,169 | $34,112,545 | $2,331,376 | 7.3% |
| BetRivers | $59,846,648 | $60,954,365 | $1,107,717 | 1.9% |
| Gun Lake | $13,906,695 | $12,927,568 | -$979,127 | -7.0% |
| Barstool | $31,381,622 | $26,019,905 | -$5,361,717 | -17.1% |
| Total | $883,638,698 | $1,088,206,223 | $204,567,525 | 23.2% |
FanDuel Casino leads Michigan’s growth
BetMGM Michigan
has been the established leader in the state when it comes to online casino revenue. BetMGM owns just under 36% of the lifetime market share for revenue and hasn’t had much competition since launch.
However, the growth of 2023 has most of its credit going to FanDuel Casino MI.
Already on top of Michigan’s online sportsbook market, FanDuel has shown the biggest revenue growth of the state’s 15 online casino operators.
The $75.4 million difference in revenue from the first seven months of 2023 compared to 2022 accounts for 36.9% of the overall growth in the state.
DraftKings Casino MI also has been a big contributor, growing by $60.5 million in revenue at this point. That accounts for 30% of the year’s growth.
The market share for FanDuel and DraftKings in 2023 has understandably grown, helping make up some of the gap created by BetMGM in 2022.
Both operators still have a long way to go to catch up to BetMGM, but it shows that they are on the right track and growing at strong rate.
Ten Michigan online casinos with double-digit growth in 2023
The state’s overall growth of 23.2% in 2023 means that many of the operators are seeing big gains.
In total, 13 of the 15 have increased revenue through the first seven months of 2023 when compared to last year. That’s a key gambling statistic when you consider this year’s growth.
Also, a total of 10 have increased revenue by 16% or more.
A pair of operators have more than doubled their revenue efforts so far in 2023.
Eagle Casino & Sports is up 214.3% in 2023. However, it should be noted that the operator didn’t launch its online casino until April of 2022. Still, the online casino for Soaring Eagle and Sagaining Eagles Landing has shown steady growth throughout the year.
The second operator to double up is PointsBet Casino MI. It has seen 101.6% growth in 2023. While still near the bottom of the overall revenue total in Michigan, PointsBet is seeing some benefits from its increased advertising for the online casino.
Will PointsBet’s recent success translate into success for Fanatics Casino in MI? The sports memorabilia brand will be taking over for PointsBet in the future after purchasing its US assets in June.
It’s hard to say what to expect from Fanatics. However, it is clear that Michigan’s online casino industry has a lot of revenue available for operators to acquire.
