A PlayMichigan analysis has found that Michigan online casino revenue has shown monthly year-over-year growth since they were legalized in 2021.
We know about the yearly revenue record in 2023 and the monthly revenue record in January. However, PlayMichigan has found that there is another important statistic that stands out.
Since iGaming launched in January 2021, the state has never had a month of revenue be less than the same month a year prior.
In fact, every month has seen at least $19 million in year-over-year growth.
While online sports betting has leveled off, Michigan online casino revenue looks to be far from hitting its plateau.
iGaming revenue growth year over year
When breaking down the revenue produced at all Michigan online casinos by month, you can see how the industry has grown year to year.
By comparison, online sports betting saw the first eight months of 2023 record less handle than the same month in 2022.
Below is a listing of each month and the iGaming revenue for each year, along with the percentage growth from the previous year’s revenue.
January
- 2021: $29.4 million (started Jan. 22)
- 2022: $121.2 million (312.2%)
- 2023: $153.7 million (26.8%)
- 2024: $181.9 million (18.3%)
February
- 2021: $79.7 million
- 2022: $122.8 million (54.1%)
- 2023: $148.2 million (20.7%)
March
- 2021: $95.1 million
- 2022: $131.7 million (38.5%)
- 2023: $171.8 million (30.4%)
April
- 2021: $94.9 million
- 2022: $132.4 million (39.5%)
- 2023: $159.4 million (20.4%)
May
- 2021: $94.9 million
- 2022: $127.4 million (34.2%)
- 2023: $150.6 million (18.2%)
June
- 2021: $89.2 million
- 2022: $121.5 million (36.2%)
- 2023: $151 million (24.3%)
July
- 2021: $92.3 million
- 2022: $126.6 million (37.2%)
- 2023: $153.6 million (21.3%)
August
- 2021: $97.2 million
- 2022: $130.9 million (34.7%)
- 2023: $152.2 million (16.3%)
September
- 2021: $102.4 million
- 2022: $128.7 million (25.7%)
- 2023: $166.4 million (29.3%)
October
- 2021: $109.7 million
- 2022: $141 million (28.5%)
- 2023: $160.3 million (13.7%)
November
- 2021: $107.6 million
- 2022: $145.4 million (35.1%)
- 2023: $175.3 million (20.6%)
December
- 2021: $121.8 million
- 2022: $152.8 million (25.5%)
- 2023: $181.4 million (18.7%)
iGaming operators averaged over 20% growth in 2023
The Michigan gambling statistics above drive home that online casinos aren’t slowing down in revenue growth.
But, understandably, the pace of growth is slowing down in terms of percentages. However, we’re still seeing consistent year-over-year jumps of over $25 million. January of 2024 grew in revenue by $28.2 million from January of 2023.
The average growth of each month in 2022 when compared to 2021 was 35.4%. That was excluding January, as online casinos launched on Jan. 22 in 2021.
Last year, the average growth of each month was down to 21.7%. The 2024 year started with 18.3% growth in January.
The mean growth percentages of each year also indicate that it should be years before iCasinos hit a plateau.
Can we expect for revenue growth for February 2024?
The February 2024 online numbers should be made available in the next week or so.
February was the revenue low in 2023 with $148.2 million. Despite that, it was still a 20.7% jump from 2022.
While it would be tough to expect another new monthly revenue record due to it being the shortest month of the year, February should fall in line with the trends we are seeing.
Last month’s revenue should once again be notably higher than its amount a year ago. Given this February featured 29 days, look for about a 20% jump in revenue.
If that holds up, Michigan should be showing around $177 million for online casino revenue in February.
