Online casino operators refused to slow down in February. Despite the slight dip in revenue month over month, Michigan’s online casino operators still brought in an astronomical amount of money.
Last month, the state’s 14 online casino skins set a new monthly revenue record by hitting $153.7 million. In December, Michigan’s online casinos brought in $152.8 million, a record at the time as well. February ended with total revenue of over $148.2 million, a 3.6% decrease from January but a 20.7% increase year over year.
That’s almost 5.3 million per day in February, considering the month had 28 days. During the month of January, the math equals out to just under $5 million per day, meaning operators actually brought in more revenue per day during February rather than January, despite the revenue record. Many operators are likely experiencing similar patterns in March, which could result in another monthly revenue record.
Tax Figures at a Glance
During February, online casino and sports betting operators brought in total tax revenue of $37.2 million. Below is a breakdown of how the tax revenue was allocated:
State Tax Revenue
- Internet gaming taxes and fees generated $26.3 million
- Internet sports betting taxes and fees generated $583,263
City of Detroit Tax Revenue
- Internet gaming taxes and fees generated $7 million
- Internet sports betting taxes and fees generated $337,534
Tribal Governing Body Taxes
- Tribal casinos reported $3 million were paid to governing bodies in February
BetMGM Records Lowest Month Since September
Michigan’s most popular in-person and online casino reported a lower-than-average month in terms of revenue. The well-known online casino brand generated $48.4 million in revenue in February, which marks the lowest month since September 2022. BetMGM also put a stop to their four-month $50+ million monthly revenue streak. The online casino operator still accounted for 32.7% of the market share in February, just slightly lower than its all-time market share of 36.9%.
Michigan’s Market Soars Past $3 Billion
Michigan’s online casino market has passed the $3 billion mark in record time. Other states, like Pennsylvania and New Jersey, took 38 and 91 months, respectively, to reach the $3 billion mark. Michigan achieved the feat in just 27 months.
FanDuel and DraftKings Set Revenue Records
FanDuel and DraftKings broke revenue records in February, bringing in $29.5 million and $26.9 million, respectively. Prior to February 2023, FanDuel’s highest revenue-generating month was in December 2022 ($28.95 million), while DraftKings’ highest revenue month was in January of this year ($26.2 million).
Sports betting Numbers
Online sports betting took a big hit in February, down 32.6% from January. With such few sporting events scheduled, it’s understandable why February was a slower month for sports betting operators. Internet sports betting receipts totaled $22.66 million for February compared to $33.64 million in January.
|Casino Partner||Online Skin||Revenue||Promos||Taxes|
|MGM Grand Detroit||BetMGM||$48,444,735||$4,844,474||$12,753,077|
|Keweenaw Bay||Golden Nugget||$6,440,045||$644,004||$1,412,122|
|Sault Ste. Marie||WynnBet||$5,413,521||$541,352||$1,091,925|
|Little Traverse Bay||Fox Bet||$2,890,894||$289,089||$557,985|
|Lac Vieux Desert||PointsBet||$1,457,316||$145,732||$262,317|
Mac Daniel is a writer for PlayOnlineCasino and PlayOnlineSportsBetting. He has experience writing about a wide variety of topics, including healthcare, tourism, non-profit organizations, and most recently casino and sportsbetting news. To check out more of his work, visit: playonlinemichigan.com