Michigan’s Online Casinos thriving with best ever month
It was another record-setting month for the online casino industry in Michigan, and this has started to become a trend in the state.
In August, online casinos brought in over $97 million in revenue, the highest total that has ever been recorded.
The major jump in revenue was expected as August was the first full month with live dealer online casino games. Those were approved at the end of July, and these have proven to be among the most popular iGaming options throughout the US.
The $97.2 million in online casino revenue was a five percent jump from July, and another improvement is expected in September as well. As long as there is a similar increase in Michigan, then the state could go over $100 million in revenue for the first time in history.
Not only was August an impressive month in terms of revenue for the operators, but the state of Michigan had a big month as well. Online casinos generated nearly $18 million in tax revenue for the state and another $4.9 million for the city of Detroit.
The US online casino industry is not nearly as prominent as legal sports betting, and Michigan is one of only a handful of states that has both. A full slate of iGaming was launched at the end of January, and online casinos have brought in a ton of money for the state.
Since January 22, over $676 million in revenue has been raised at online casino sites in the state of Michigan. This has provided over $120 million in tax dollars for the state of Michigan.
Detroit is the home to all three of the commercial casino options in the state of Michigan, and that city also gets a percentage of the tax revenue that is brought in. Since the end of January, Detroit has been given more than $33 million, and that money goes towards helping that city out of an economic crisis.
A Look at the Top Operators
BetMGM is one of the biggest online casino gaming companies in the US, and it has become the clear leader in Michigan. BetMGM is the online casino arm of MGM Resorts International, and it hasn’t had any trouble getting customers in the state.
The total revenue at BetMGM last month was $39.7 million, which accounted for nearly 41 percent of the market share. DraftKings and FanDuel continue to try to put pressure on the leader, but they have been largely unsuccessful up to this point.
FanDuel came in second place last month with $14.2 million in online casino revenue. DraftKings was right behind its rival, with $12.6 million in revenue for the month of August.
Caesars Casino had the biggest month-to-month jump in online casino revenue, but that site is still well behind the other betting options. There are still some opportunities for new online casino operators to enter the Michigan iGaming market, but it won’t be an easy task to try to attract new customers.
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