Michigan Reaches $5 Billion in Lifetime iGaming Revenue

Latest News

Michigan has reached a massive milestone in the online casino industry this March, ending Q1 with a bang! The Great Lake State crossed the $5 billion mark in lifetime online casino revenue. This makes Michigan the third state to achieve this status following New Jersey and Pennsylvania. It’s worth noting that MI completed the feat in a significantly shorter time than PA and NJ.

Michigan has quickly become one of the leading iGaming markets in the United States and has seen significant growth since the launch of online casinos in 2021. During the month of March, the state saw $215.3 million in gross revenue, which gave them a push to cross the $5 billion line.

For some reference, Michigan has been in the iGaming market since 2021. Here’s a look at the year-over-year growth the state has seen:

$1.1 billion in 2021

$1.58 billion in 2022

$1.92 billion in 2023

Considering March’s record-setting month, the state is predicted to see $2.34 billion in gross gaming revenue for 2024.

Pennsylvania is Leading the Online Casino Market With Michigan in Second

New Jersey was the first state to launch online casino gaming back in 2013, and Pennsylvania followed thereafter, launching in 2019. Because gaming in Michigan opened well after both states, this puts the rapid growth into perspective and makes it very impressive.

Pennsylvania is currently the leading market with $2.11 billion in revenue for 2023. In March of 2024, the state saw $233.1 million in gross gaming revenue, coming above Michigan.

With modest tax rates and the second-largest revenue pool, Michigan is an advantageous gaming market for operators. Michigan’s iCasino market is restricted to 15 licenses, with one brand allowed for each casino partner. While this could be seen as a hindrance in growth, it could also be a good thing for operators looking to get in on the United States iGaming market.

Here’s a look into gross iGaming revenue for 2024:

New Jersey at $562.8 million

Michigan at $585 million

Pennsylvania at $637.7 million

FanDuel Overtakes BetMGM’s Title as Leading Operator in Michigan

Operators in the state of Michigan experienced quite an exciting month in March, but one brand especially enjoyed the view from the top. For the very first time ever in Michigan’s online casino history, FanDuel topped BetMGM as the highest-performing operator in the state. In March, FanDuel Casino Michigan generated $57.6 million in revenue, which was more than BetMGM’s $54.7 million.

The folks over at FanDuel MI are certainly celebrating, especially considering the fact that BetMGM has been the market leader in Michigan for the thirty-nine months online casino gaming has been legal in the state

However, Michigan is not the only state seeing FanDuel flourish, it’s happening in other states as well.

To earn the spot at the top, FanDuel devoted itself to promotional spending last month. The online casino brand spent around $5.8 million on promotions, while BetMGM spent $4.6 million. This was the first month that FanDuel spent over $5 million on promotions.

Time will tell whether FanDuel can hold onto the reigns at #1. It wouldn’t be surprising if BetMGM crept back into first place. However, we’ll likely see FanDuel continue to fight for the top spot from here on out. It does seem like there is a correlation between promotional spending and revenue performance that will likely play into the future.

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