Things aren’t getting better for WynnBet Casino in Michigan.
The Michigan online casino could be looking to shut down its operations in the state. After electing to shut down its online gambling platform in eight states back in August, WynnBet left Michigan “under review.”
It’s online casino in Michigan was performing respectfully at the time, but recent months have seen it decline. That includes an October performance that was over a one-year low in revenue.
WynnBet falls to 2% market share
The October online casino revenue in the state saw $160.3 million. That was the third-highest total the state has seen in its nearly 3-year history.
When it came to WynnBet Casino Michigan, the online operator for Kewadin Casinos came in with just $3.2 million.
Along with that being its lowest total since September 2022, it’s market share in the state was just 2.0%. That is the lowest market share it has ever had in the state.
Making matters worse, it dropped the overall market share for the year below 3%.
WynnBet Michigan Online Casino 2023
| Month | Revenue | Market Share |
|---|---|---|
| January | $4,589,125 | 3.0% |
| February | $5,413,521 | 3.7% |
| March | $4,736,576 | 2.8% |
| April | $5,711,354 | 3.6% |
| May | $4,982,746 | 3.3% |
| June | $4,808,955 | 3.2% |
| July | $3,870,269 | 2.5% |
| August | $4,655,881 | 3.1% |
| September | $4,111,095 | 2.5% |
| October | $3,213,006 | 2.0% |
| Total | $46,092,527 | 2.9% |
Sports betting revenue hits 2023 peak
While the online casino took a dive in October, WynnBet Sportsbook Michigan did have a strong month.
It recorded just under $3 million in handle for the month while bringing in $243,360 in revenue.
That revenue total is the highest WynnBet has seen this year.
The only issue is revenue gains in Michigan sports betting mean very little to the overall online picture in the state.
On the year, WynnBet sits at $1.3 million in sports betting revenue. That is just 2.8% of the revenue total that its online casino has made for 2023.
WynnBet not seeing big overall growth in 2023
The October numbers didn’t help WynnBet’s 2023 projections.
For the online casino, WynnBet may be in danger of not surpassing its 2022 yearly revenue total.
Last year, the operator made $53.8 million in revenue from its Michigan online casino. Currently at $46.1 million, WynnBet needs more than $7.7 million in revenue in the last two months to surpass 2022.
Considering that all Michigan online casinos are up 22% in revenue this year, WynnBet can’t feel good about its standing in the state.
The operator has not provided any update on a timeline for when it will conclude its “review” of its operations in Michigan.
