Michigan iGaming Operators Report $191 Million in Revenue for July
One of the hottest summer months was equally hot for the Michigan iGaming market after the Michigan Gaming Control Board made the revenue numbers for July public. The combined revenue of the 15 licensed Michigan online casinos for July is $191.4 million. This is an improvement over a slower June when the market generated $183.2 million.
Compared to last year's revenue numbers for July, there is a significant spike of 25% this year. However, the online casino scene in the Wolverine State is growing slowly month by month. This past July is the fourth best month in the market's history, after a record-breaking March with $215.2 million.
No Change at the Top
The ranking among the best-performing operators remained the same in July. BetMGM retains the ranking as the most popular online casino, taking in $50.7 million in bets, while FanDuel, its main competitor for the crown in the Great Lakes State, took in $46.6 million in bets. The difference between these two operators was a lot closer in previous months. BetMGM has been increasing the margin over FanDuel with its investments in new games and the generous no deposit bonus Michigan offers.
DraftKings is yet again secure as the third-best operator with $37.1 million in revenue. This online casino was stagnating, even declining in past months, but now is bouncing back and building a lead over BetRivers Casino, which produced $12.7 million in revenue. Caesars Palace Online Casino is still struggling to improve its market position, with a modest revenue of $11.4 million. WynnBet Casino, one of the recently purchased operators by Caesars, recorded $2 million in revenue.
The situation is not positive for Golden Nugget Online Casino, which is on a downward trajectory, with $7 million for July, a dropoff from its $8.6 million in June. This operator cannot stabilize its position and is fluctuating drastically, with a low of $2.9 million for April and a high of $8.7 million in revenue in May.
Michigan Is On Track For New Records
After seven months in 2024, the market generated $1.35 billion in revenue and is on path to hit $2 billion by the end of the year. The tax income for July is $36 million, which puts the market lifetime tax revenue over $1.5 billion. Not surprisingly, the big three - BetMGM, FanDuel, and DraftKings - can take the credit for over 70% of the taxes paid to the state.
Michigan, currently the second-best iGaming market in the United States, stands out as one of the rare markets where online casinos are more popular than sportsbooks. This unique position is coupled with more anticipated growth as new games regularly debut exclusively in Michigan.
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