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In February, Michigan’s online gaming industry maintained its impressive momentum by generating a staggering $79.7 million in revenue during its inaugural month of operation within the state.
After a successful launch on January 22, MI online casinos and online poker have generated a total revenue of $109.1 million, with an impressive $29.4 million earned in just the first 10 days.
In terms of internet gaming revenue, BetMGM emerged as the top casino operator, generating $26.9 million and capturing a significant 33.8% market share. Additionally, in January, BetMGM continued to lead the market with $11.1 million in revenue, accounting for a substantial 37.7% market share.
In February, operators disclosed adjusted gross receipts amounting to $75.2 million and made state tax and payment contributions of $14.0 million. Over a span of 38 days, internet gaming generated $18.3 million in tax revenue, a significant contrast when compared to online sports betting, which only contributed slightly over $250,000 in state taxes during the same period up until February.
As of now, Michigan boasts a total of 11 online casinos along with a live poker platform. On January 29th, PokerStars made its debut and successfully organized the inaugural Michigan Championship of Online Poker, held last month.
On January 22nd, a total of eight casinos were launched. On January 29th, Stars Casino became a part of this group, followed by the launch of Barstool Casino on February 1st. Lastly, Four Winds Casino joined the ranks on February 15th.
BetMGM still leads Michigan internet gaming market
BetMGM continues to demonstrate its strength, securing the second spot in online sports betting handle for the second consecutive month, successfully surpassing DraftKings, who settled for third place.
By late February, the online casino of BetMGM boasted a staggering 147 game offerings, securing its position as the platform with the highest number of games available.
BetMGM’s strong start in January slightly declined in terms of market share in February, as other operators are gradually narrowing the gap.
FanDuel holds a 20.8% share with $16.6 million, trailing behind BetMGM’s leading 33.8% share. DraftKings follows with $14.5 million, representing an 18.1% share. PokerStars/Stars Casino secures a 7.2% share with $5.7 million, while Barstool holds a 6.6% share with $5.2 million.
| Operator | Total Revenue | Promos | State Tax | Local Tax |
|---|---|---|---|---|
| BetMGM | $26,912,268 | $0 | $3,683,308 | $1,578,560 |
| FanDuel | $16,574,979 | $1,657,498 | $1,928,207 | $826,374 |
| DraftKings | $14,467,033 | $744,990 | $2,314,236 | $578,559 |
| PokerStars | $5,723,261 | $572,326 | $696,804 | $174,201 |
| Barstool | $5,228,334 | $522,833 | $468,053 | $200,594 |
| BetRivers | $4,339,345 | $433,934 | $514,265 | $128,566 |
| WynnBet | $2,544,014 | $254,401 | $293,070 | $73,268 |
| Golden Nugget | $2,180,017 | $215,383 | $251,473 | $62,868 |
| TwinSpires | $1,185,150 | $118,515 | $136,529 | $34,132 |
| William Hill | $360,484 | $0 | $46,142 | $11,536 |
| Four Winds | $214,458 | $21,446 | $24,706 | $6,176 |
| Total | $79,729,343 | $4,541,327 | $10,356,793 | $3,674,835 |
Online poker, tribal brands affect internet gaming market share
PokerStars had a successful beginning in the realm of online poker, even though the revenue figures for online gaming in Michigan do not differentiate between online poker and online casinos.
After concluding in March, the MICOOP event by the brand awarded players a staggering amount of over $2.2 million. Within just one week of its launch, Michigan surpassed Pennsylvania as the state with the highest activity on PokerStars.
During the month, Four Winds, the initial operator among three to establish its own tribal casino brand, generated a total revenue of $214,456, representing a market share of 0.2%. The online casino remained active for nine out of the 28 days in the month.
FireKeepers and Soaring Eagle are two other operators who have not yet launched their products. Parx Casino will complete the list of 15 operators in due course.
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