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Michigan is one of the top iGaming markets in the US, and BetMGM CEO Adam Greenblatt has recognized that. He told investors on the company’s Q2 2026 earnings call that Michigan is among the states where new serious competitors have entered the market over the past six to nine months.
BetMGM Casino MI has been a top two operator in the Great Lakes State. However, Hard Rock and bet365 entering as the newest Michigan online casinos have added pressure to BetMGM.
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$25 on the House
PLUS 100% Deposit Match up to $1,000
Gambling Problem? Call 1-800-GAMBLER. Must be 21+. MI, NJ and WV only. New Customers Only (If applicable). Please Gamble Responsibly. Visit BetMGM.com for Terms and Conditions. All promotions are subject to qualification and eligibility requirements. Rewards issued as non-withdrawable site credit/Bonus Bets unless otherwise provided in the applicable terms. Rewards subject to expiry.
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New entrants raise the stakes in a mature market
Greenblatt mentioned Michigan as a market that has been facing serious competition over the last nine months or so.
That can be attributed to Hard Rock Bet Casino MI launching in December and bet365 Casino MI following suit four months later.
Both operators have had strong showings since entering the Michigan. Hard Rock is averaging $21.2 million in Michigan iGaming revenue in the six full months it has operated. Bet365 has accumulated an average of $9.6 million in its two full months of operation.
The newest iGaming operators are spending on player acquisition in a “less commercially rational” way, Greenblatt told investors.
“And as new entrants join a market and certainly in established markets, their ability to compete and make impact is very challenging.
“And so what we’re seeing is some of the new entrants spending – investing in growth, investing in players in a frankly less commercially rational way in order to establish a beachhead.”
BetMGM remains resilient
Greenblatt revealed that iGaming customer per acquisition costs are up 15% from last year. Because of that, and other factors, BetMGM has taken a backseat to FanDuel Casino MI, which has led the market with $453.4 million in YTD revenue.
That said, BetMGM has been extremely successful in the Michigan market. It has amassed $401.3 million in revenue through June, which is a 3.4% increase from 2025.
Greenblatt praised the company’s resiliency amidst the competition,
“And it’s in that context that actually we’re delighted with the resilience of our business, the resilience of our player base, and the continued momentum of our business notwithstanding.”
$25 on the House
PLUS 100% Deposit Match up to $1,000
Gambling Problem? Call 1-800-GAMBLER. Must be 21+. MI, NJ and WV only. New Customers Only (If applicable). Please Gamble Responsibly. Visit BetMGM.com for Terms and Conditions. All promotions are subject to qualification and eligibility requirements. Rewards issued as non-withdrawable site credit/Bonus Bets unless otherwise provided in the applicable terms. Rewards subject to expiry.
Use Bonus Code: PLAYMI
$25 on the House
PLUS 100% Deposit Match up to $1,000
Gambling Problem? Call 1-800-GAMBLER. Must be 21+. MI, NJ and WV only. New Customers Only (If applicable). Please Gamble Responsibly. Visit BetMGM.com for Terms and Conditions. All promotions are subject to qualification and eligibility requirements. Rewards issued as non-withdrawable site credit/Bonus Bets unless otherwise provided in the applicable terms. Rewards subject to expiry.
Use Bonus Code: PLAYMI
The new entrants keep operators such as BetMGM, FanDuel, and DraftKings Casino MI on their toes. It also opens the door for more enticing Michigan online casino promos.
One thing is clear: Now that the market has 15 operators, there won’t be any more new competition that BetMGM will have to take on.
