Michigan iGaming platforms are prepared to set a new revenue record in 2024, easily shattering last year’s total. The state has been setting new bars over the last three months.
The Great Lakes State ranks second nationally in earnings, behind Pennsylvania. While that will continue to be the case in 2024, Michigan online casino revenue has considerably increased through the first five months.
Yearly revenue could increase $400 million in 2024
Michigan online casinos came just shy of the $2 billion threshold in 2023, producing $1.92 billion in revenue. This year, however, the state is expected to clear that mark.
Through the first five months, Michigan has accumulated $976.6 million in total revenue, which is an average of $195.3 million a month. If this pace continues, the state’s revenue will reach $2.34 billion by the end of the year.
There’s no reason to believe that online casino revenue would slow. There is a chance that the summer months could produce slightly lower outputs. However, by the time fall rolls around, that’s usually peak gambling season.
Michigan platforms have generated at least $190 million in revenue over the last three months, highlighted by a $215.2 million performance in March. Each of the past two months has represented the second-best totals in Michigan history.
The Michigan Gaming Control Board will release June totals in the middle of the month. It should be a good indication of how the summer months will continue in the Great Lakes State. Perhaps it can cross the $200 million mark for the second time this year.
Iron sharpens iron
Healthy competition is one of the main reasons for a successful market in any line of work. For the online casino industry, especially in Michigan, BetMGM and FanDuel have been duking it out for the No. 1 spot in the state all year.
BetMGM had led the Great Lakes State in earnings for 39 straight months until FanDuel surpassed the operator in March, and held serve in April. However, in May, BetMGM regained the lead by a mere $100,000. It’s truly fascinating to watch the back-and-forth nature between two powerhouse organizations.
Each operator has a different philosophy when it comes to slots. BetMGM offers 1,821 titles for players, which is up from 1,360 in December slot count. That is far more than FanDuel’s 1,110, which is an increase from 855 from the same time period.
FanDuel has been able to catch BetMGM with far less games. It must have the right ones, though.
While BetMGM and FanDuel get the majority of headlines, there is good competition between the second- and third-tier platforms. In May, five online casinos produced earnings between $4 million and $12.5 million.
License to become available after SI departure in Q4
Evoke, formerly 888 Holdings, told PlayMichigan in May that Sports Illustrated will be exiting the Michigan gambling market before the end of 2024.
Sports Illustrated has been last among the 13 online casinos every month this year, producing no more than $1.9 million in revenue.
With SI departing, that leaves Hannahville with an open license in the market. Hard Rock appears to be the frontrunner to take its place, after purchasing 888 Holdings’ assets in March.
Despite the acquisition, the MGCB told PlayMichigan that Hard Rock must apply for its own online casino license to launch successfully.
Hard Rock operates an online casino in New Jersey, recording nearly $9 million in May in the Garden State. That would be a welcomed addition to the Great Lakes State, and make the market even stronger at the end of 2024 and beyond.
Michigan has its work cut out to catch Pennsylvania. However, it’s setting new expectations for this year and the years to come.
