The Michigan Gaming Control Board (MGCB) announced that the state set a record for iGaming revenue in October. Michigan online casinos produced $220.7 million in revenue, making it the second straight month they’ve exceeded $200 million.
The iGaming vertical continues to grow in the Great Lakes State. Operators experienced a month-over-month and year-over-over increase of 8.9% and 37.7%, respectively.
Through 10 months of October, Michigan’s online casinos have already surpassed all of 2023’s revenue total.
As of now, operators are in the heart of gambling season with basketball ongoing and two full months of football left. Sports usually helps drive more bettors to play online casino games. The sky is truly the limit for iGaming in Michigan.
Michigan operators pass 2023 revenue total
With October’s record-setting total, Michigan platforms have generated $1.97 billion of revenue through 10 months of 2024. That has already surpassed last year’s total of $1.92 billion.
When November’s numbers come in, they will certainly exceed $2 billion, an important milestone for the state.
Michigan online casinos are averaging $197.1 million of revenue per month and are on pace to record $2.37 billion in 2024.
FanDuel narrowly edges BetMGM
FanDuel Casino Michigan and BetMGM Casino Michigan engaged in a photo finish for the No. 1 spot in October revenue. Since it came so close, here’s what each operator record last month:
- FanDuel: $56,172,492
- BetMGM: $56,162,609
FanDuel beat BetMGM by a hair’s breadth, just $9,883. With revenues in the tens of millions, it’s rare to see so little separating two of the big operators. BetMGM still holds the year-to-date lead, posting $515.3 million in revenue compared to FanDuel’s $496.8 million. October marks the third time FanDuel has out-paced BetMGM in 2024.
It’ll have to do it two more times to catch BetMGM.
Fanatics continues to impress
Fanatics Casino Michigan launched with high expectations, especially in the sports betting vertical, given it’s proven brand recognition as an apparel company. The new operator is impressive in the iGaming industry, too.
Fanatics generated $6.4 million in October, which is the operator’s best performance since going live earlier this year. Here’s how Fanatics has fared over the last few months:
- May: $3.6 million
- June: $4 million
- July: $4 million
- August: $3.7 million
- September: $5.7 million
Improving revenue by nearly $3 million since launch is no small feat for Fanatics, which looks to close 2024 on a positive note.
Michigan closing in on milestone tax amount
Just like with YTD revenue, operators are closing in on a key figure in tax revenue for the state, too. With October’s total of $56.9 million in taxes, the state has generated $498.9 million in 2024.
To put that into perspective, Michigan collected $486.6 million in taxes last year. Operators have beaten that total, too, with two months to spare. It’s likely the state amasses $600 million in taxes for the year.
Over the lifespan of iGaming in the state, the casinos have generated $1.66 billion in tax revenue for Michigan.
October 2024 online casino revenue by operator
| Licensee | Online Brand | Revenue | Promos | Taxes |
|---|---|---|---|---|
| MotorCity | FanDuel | $56,172,492 | $5,617,249 | $14,787,408 |
| MGM Grand Detroit | BetMGM | $56,162,609 | $5,616,261 | $14,784,807 |
| Bay Mills | DraftKings | $40,006,476 | $4,000,648 | $10,081,632 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $14,312,440 | $1,431,244 | $3,606,735 |
| Little River Band of Ottawa | BetRivers | $14,234,569 | $1,423,457 | $3,587,111 |
| Keweenaw Bay | Golden Nugget | $9,123,439 | $912,344 | $2,299,107 |
| Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $6,433,597 | $643,360 | $1,621,266 |
| Greektown | Hollywood | $5,281,607 | $528,161 | $1,390,383 |
| Pokagon Band of Potawatomi | Four Winds | $4,232,927 | $423,293 | $1,066,698 |
| Sagniaw Chippewa | Eagle | $3,496,513 | $349,651 | $881,121 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $3,065,089 | $306,509 | $772,402 |
| Sault Ste. Marie Tribe of Chippewa | Horseshoe | $2,768,401 | $276,840 | $697,637 |
| Little Traverse Bay Bands of Odawa | PokerStars | $2,593,567 | $259,357 | $653,579 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $2,181,065 | $218,106 | $549,628 |
| Hannahville | SI | $611,070 | $61,107 | $132,442 |
| Total | $220,675,862 | $22,067,586 | $56,911,957 |
