MI online casinos produced $109.7 million in revenue – the second successive 9 figure month
According to the MGCB, there was another record month for iGaming revenue in Michigan in October 2021, as online casinos in the Wolverine state scored $109.7 million. This is up more than $5 million from September (itself a record-breaking month). Indeed, October was the third successive month in a row that Michigan’s revenue numbers have grown since live casino action debuted in the state.
Michigan’s online casinos continue to be a big draw for MI residents and prove to be a key source of tax revenue for the state. Lansing pulled in over $20 million, while the city of Detroit earned $5.5 million in taxes.
In terms of market share, BetMGM continues to be the leader, capturing over 37% of revenue, while DraftKings and FanDuel came in second and third place, respectively. At the other end of the scale, the most recent entry to the Michigan market – PointsBet – earned $640K in gross gaming revenue.
There was less good news for the two Flutter brands – StarsCasino and PokerStars – which together saw a drop of over 60% of revenue from September.
On the sports betting side, Michigan also recorded a record month. Interest in the NFL and NBA combined to bring in $463 million in wagers (up 30% from September, itself a record month), with FanDuel and DraftKings out in front. The month of October was particularly strong for sports betting in Michigan, since the two largest college football teams met in a head-to-head which produced much local interest.
It is fascinating to see that despite the strong seasonal showing of sports betting across the US, the online casino vertical seems to grow in tandem with it. Hopefully governors across America are paying attention, and support legal online casino gambling in 2022.