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In February, online casinos in Michigan achieved a new revenue record, despite it being the shortest month of the year.
The online casino revenue of $122 million narrowly surpassed the previous record set in December. Furthermore, it signifies the third consecutive month in which the revenue exceeded $120 million.
In February, online casino revenue experienced a significant growth of 64% compared to the same period last year, indicating a consistent upward trend.
Big growth in a year’s time
In February 2021, Michigan witnessed the inaugural complete month of legalized online casinos.
After one year, it is evident that the industry has achieved an even stronger position.
| Feb. 2021 | Feb. 2022 | |
|---|---|---|
| Revenue (GGR) | $79,729,343 | $122,775,924 |
| Promos | $4,541,327 | $12,218,533 |
| State Tax | $10,356,793 | $21,607,543 |
| Local Tax | $3,674,835 | $8,369,966 |
In February of last year, Michigan gamblers had access to only 11 online casinos. However, the number has now increased to 14 active casinos.
There are significant boosts evident in all categories, particularly in promos. The amount of money spent on promos last month was nearly triple the expenditure compared to the same period last year.
Another record month
Currently, online casinos in Michigan are experiencing a significant surge in popularity.
For the industry, February was the sixth consecutive month where revenue exceeded $100 million.
In December 2021, a record-breaking revenue of $121.8 million was achieved, and the following month, January 2022, came very close to surpassing it with a revenue of $121.2 million.
February 2022 has now taken the lead as the highest-earning month. Considering the trend from the previous year, where revenue significantly increased from February to March, it is highly likely that we may achieve another remarkable milestone in the upcoming month.
In March of 2021, the online revenue experienced a significant surge, jumping from slightly below $80 million in February to $95 million.
Is winter to thank?
Determining the exact cause behind the shortest month of the year achieving a record revenue number is challenging.
Yet, it might be as uncomplicated as chilly temperatures.
The correlation between the last three months being the coldest each year and also having the best numbers appears to be more than just a coincidence.
During the summer months, the revenue generated by online casinos failed to reach $100 million on a monthly basis. In fact, in June, the revenue dipped below $90 million.
Things have been gradually growing since the beginning of September and the shift in seasons.
In addition, as the NFL regular season concluded in February, there was a decline in sports betting figures. This decline potentially influenced certain gamblers to shift their focus towards casino and table games.
It will be intriguing to observe if online casinos can maintain their impressive performance, considering that the anticipated nationwide wagers for March Madness are projected to reach $3 billion.
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