October was a record-breaking month for online casinos in Michigan.
The monthly total revenue of $141 million was a 6.4 percent increase on the previous record of $132.4 million in April of this year.
A total of five different online operators put up record monthly revenue in October.
That doesn’t mean all operators are still trending in a positive direction, though many are.
Michigan online casinos on the rise
October provided a lot of positives, with a number of online operators putting up record numbers.
BetMGM continues to be the dominant presence in the online casino game in this state. FanDuel and DraftKings are also always in good footing. But, that doesn’t mean others aren’t still making headway in their own right.
Here are four Michigan online casinos outside of the big three that are showing promising trends.
Barstool
Barstool Online Casino MI was in a bit of a lull prior to October. The Dave Portnoy brand sat at just 3.0% share in August and 2.8% in September. That was the lowest it had hit since August of 2021.
In October, Barstool saw a nice jump up to 3.3% market share.
Along with the growth in market share, the $4.6 million in revenue was its highest total since April of this year.
Interestingly enough, Barstool’s retail partner of Hollywood Casino at Greektown, did its highest revenue total ($21.9 million) since April of this year as well.
Four Winds
On the surface, Four Winds 2.2% market share in October may not read as much considering it was at 2.3% in September.
But, the iGaming platform for Four Winds Casinos had a record-setting revenue month with $3.1 million. In a booming month, Four Winds held its ground.
October’s numbers are part of a growing trend for Four Winds, which has produced seven consecutive months with revenue above $2.8 million, a mark it never hit throughout 2021. In fact, it’s highest mark last year was $2.5 million in August of 2021.
Eagle Casino & Sports
Another of the five online casinos with a new record revenue month in October was the online platform for Soaring Eagle Casino & Resort.
It’s 2.1% share was a drop from 2.3% in September, but the actual revenue total jumped up 3.6% from $2.91 million to $3.01 million.
October also marked the continued trend of a new revenue record that Eagle Casino has developed since it launched in April. Every month has seen an increased number.
Its first full month in May produced just $1.37 million and has more than doubled in the five months since.
While it is playing catch-up for being the last operator to launch, Eagle Casino & Sports has quietly crept into the top 10 for Michigan’s online casinos.
FireKeepers
FireKeepers iCasino had a startling drop from $1.76 million in revenue in August to just $700K in September.
Citing lucky winners, FireKeepers maintained confidence it would bounce back in October and it managed to do that. FireKeepers recorded $1.53 million in revenue, it’s second-highest total to date to July’s $1.76 million.
It also got FireKeepers back over the 1% market share line at 1.1% after falling to 0.5% in September. Prior to September, FireKeepers Online Casino accounted for at least 1% in five consecutive months.
Michigan online casinos that saw a revenue decline
It can’t all be good news, even though the news has been largely good.
A few of Michigan’s online casinos didn’t see the same record numbers, or even growth, that many others did in October.
Caesars
It’s been a tough few months for Caesars Online Casino MI.
In May of this year, Caesars put up a 5.1% market share, which was a peak for the online operator in Michigan.
Since then, Caesars has been sub-5%. In October it took a big dive down to just 3.8% of the share.
Perhaps even more concerning is that Caesars actually saw a drop in revenue from $5.62 million in September to $5.32 million in October. October’s total is the lowest since March of this year.
That also marks the fourth consecutive month of declining online casino revenue for Caesars.
Parx
We can’t say Parx Online Casino has been a major player in Michigan, but it has been somewhat consistent with expectations since launching in June of 2021.
Sitting at 1.22% all-time market share for online revenue, it’s 1.3% in October isn’t too shocking.
However, it was one of few online operators to see a revenue decline from September. Parx went from $1.98 million in September to $1.80 million in October.
It’s been part of a continued decline for Parx throughout 2022. It opened in January at $2.24 million and peaked in February at $2.43 million. Since then, it has seen a slow and steady drop. Parx has not reached the $2 million revenue mark since April.
