The year 2023 was a huge one for online casinos in Michigan.
Revenue grew drastically over the year, reaching $1.92 billion amongst all 15 online operators combined.
Collectively, all Michigan online casinos grew by 21.6% in revenue over the year.
However, some operators definitely carried more of the weight in that growth than others.
Which online casinos grew most in 2023?
Online casinos collectively added over $341 million in revenue in 2023.
Here’s a look at how each online operator grew, or in some cases declined, over the last year.
| Operator | 2022 OC Revenue | 2023 OC Revenue | Growth |
|---|---|---|---|
| TwinSpires/SI* | $5,831,574 | $15,792,145 | 170.8% |
| PointsBet | $10,787,438 | $19,093,720 | 77.0% |
| Eagle Casino** | $19,412,706 | $33,238,213 | 71.2% |
| FanDuel | $258,689,056 | $405,374,876 | 56.7% |
| DraftKings | $248,360,891 | $364,350,780 | 46.7% |
| Caesars/Caesars Palace | $66,195,962 | $87,438,361 | 32.1% |
| FireKeepers | $15,970,022 | $20,261,027 | 26.9% |
| Four Winds | $33,808,980 | $40,616,286 | 20.1% |
| PokerStars | $29,918,755 | $34,979,055 | 16.9% |
| Golden Nugget | $72,594,427 | $81,687,700 | 12.5% |
| Play Gun Lake | $21,814,354 | $23,975,874 | 9.9% |
| BetRivers | $104,274,687 | $113,887,671 | 9.2% |
| BetMGM | $589,043,822 | $586,394,523 | -0.4% |
| WynnBet | $53,769,927 | $52,009,016 | -3.3% |
| Barstool/Hollywood | $51,981,855 | $44,758,323 | -13.9% |
| Total | $1,582,454,458 | $1,923,857,570 | 21.6% |
*TwinSpires ended operation in October 2022. Sports Illustrated Casino began in Feb. 2023.
**Eagle Casino & Sports launched in April 2022
FanDuel, DraftKings narrow gap on BetMGM
Perhaps the biggest storyline coming from 2023’s online casino revenue is the battle up top.
The state’s clear leader, BetMGM Casino Michigan, actually took a slight dip in revenue for the year.
That opened the door for both FanDuel Casino Michigan and DraftKings Casino Michigan to narrow the gap.
FanDuel saw the biggest overall growth in terms of dollars. It improved by $146.7 million year-over-year. DraftKings improved by $116 million.
While both still have a lot of ground to make up to catch BetMGM’s overall total, each is certainly making Michigan more of a three-casino power as opposed to the single dominant leader we saw in 2022.
Positive signs for new operators
The state of Michigan has three operators that got established in the later stages of 2023.
Each of these is seeing positive momentum going into 2024 for its online casino.
PointsBet had its US assets purchased by Fanatics last year. During the late stages of 2023, we saw PointsBet add “A Fanatics Experience” to its label as Fanatics works to completely take over the product.
In 2023, no Michigan online casino that was in operation for all of 2022 grew more in revenue than PointsBet. The online casino saw 77% revenue growth year-over-year, a sign that there is an audience for the incoming Fanatics product.
Late in 2023, Caesars added its Caesars Palace Online Casino app, a standalone product for Caesars users. A strong finish to 2023 saw Caesars increase year-over-year revenue by 32.1%, a total of $21.2 million in added revenue.
PENN Entertainment parted ways with Barstool in 2023 and brought in the Hollywood Casino label to its online casino.
While the overall PENN product dropped 13.9% in revenue year-over-year, Hollywood Casino saw strong numbers since debuting in November.
In December, Hollywood Casino recorded $6.4 million in monthly revenue, a new record for the PENN label.
Don’t be surprised if Hollywood Casino sees the most online casino revenue growth in Michigan for 2024.
WynnBet among declining operators
Only three online operators saw less overall revenue in 2023 when compared to 2022.
One was the surprising leader of BetMGM.
PENN was another and WynnBet Casino was the third.
WynnBet declined in revenue by a slim 3.3% margin, but that is still very notable for other reasons.
In August of 2023, WynnBet decided to end online operations in eight states. While WynnBet didn’t close up shop in Michigan, it put its operations in the state “under review.”
Without much clarity on what that meant, its Michigan online casino performance likely carried a lot of weight in its decision.
With a decline in performance year-over-year, and the WynnBet online sportsbook struggling in Michigan as well, the review may not be positive for its long-term future in the state.
