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The monthly revenue reports for online casinos in Michigan never fail to provide interesting topics of discussion.
As an emerging sector, it is valuable to analyze trends in order to anticipate future developments in the coming months and years.
Although June was not an exceptionally dynamic month for the industry, there are still some intriguing details worth considering.
Year-to-year Michigan online casino revenue growth remains consistent
Despite June having the lowest online casino revenue total since January, the thriving growth of the industry remains unmistakable.
There has been a significant rise in revenue for each month when comparing 2021 to 2022.
Given that internet gaming only started in late January 2021, it is not useful to compare it to January 2022. However, I can provide a comparison of the full months so far.
- In February, there was a significant increase in revenue from $79.7 million to $122.8 million, representing a 54.1% growth.
- In March, there was a significant increase of 38.5%, going from $95.1 million to $131.7 million.
- In April, there was a significant increase of 39.5% from $94.9 million to $132.4 million.
- In May, there was a significant increase of 34.2%, from $94.9 million to $127.4 million.
- In June, there was a significant increase of 36.2% from $89.2 million to $121.5 million.
June 2021 marked a significant milestone for Michigan as it became the first month to witness the presence of 14 online casinos in the state. Furthermore, in April of this year, Michigan further expanded its offerings by introducing Eagle Casino & Sports, bringing the total number of online casinos available to 15.
Although having fewer operators can result in lower revenue, the prominent players have remained since the beginning. Additionally, despite June 2021 having a significant number of operators, it exhibited a similar increase in revenue compared to other months.
BetMGM massive tax source
Last month, BetMGM Casino Michigan maintained its position of superiority among online casino operators in the state.
BetMGM accounted for 38.9% of the total iGaming revenue share, generating $47.2 million in June.
In addition, BetMGM contributed to 38.9% of the total tax revenue generated for the state in June. The company paid $8.33 million in state taxes and $4.1 million in local taxes.
It’s even more remarkable that when you add up their earnings ($12.43 million), it surpasses the revenue generated by 12 out of the 15 online casino operators in Michigan. Only FanDuel Casino MI ($18.53 million) and DraftKings Michigan ($17.85 million) managed to avoid being included in that category.
BetMGM has contributed a substantial portion of the state’s tax revenue, amounting to $183.5 million, since the inception of internet gaming in January 2021. This accounts for approximately 40% of the total tax revenue generated.
However, there is no need to feel sorry for them, as BetMGM has managed to accumulate a whopping $702.2 million in iGaming revenue in Michigan.
Eagle Casino moves up the ladder
The June performance of Eagle Casino & Sports, the online application, should bring some encouragement to Soaring Eagle Casino.
After its launch in April, the online casino has demonstrated significant growth during its initial two complete months.
Here is an overview of the online revenue it has generated up to this point:
- The amount of $398,111 was raised on April 14th.
- May: $1,368,148 (up 244%)
- June: $2,056,520 (up 50%)
Eagle Casino has witnessed an upward trend in both revenue and ranking among Michigan’s 15 operators. Initially projected to secure the 15th spot in revenue for April, the casino managed to improve its position and reached 13th place in May. Surpassing expectations once again, Eagle Casino made a significant leap to claim the 11th position in June.
Fox Bet, which earned $2,368,365 in revenue for June, is not too far behind.
Michigan online casino promos still available
Promotions played a significant role in attracting new users to online gaming platforms upon their launch.
Despite doubts from many users about the longevity of promotions beyond the initial months of operation, they have proven to remain robust even after 18 months in the newer industry.
Promotional credit worth approximately $12.1 million was accounted for by internet gaming operators in the month of June. This marks the seventh month in a row where promo credits have exceeded $12 million.
Operators are realizing the importance of providing special promotions to ensure gamer satisfaction, so don’t expect that number to decrease in the near future.
