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Michigan online casinos consistently provide interesting topics of discussion with their monthly revenue releases.
As an emerging field, analyzing trends can provide valuable insights into the future of this industry in the upcoming months and years.
Although June was not an exceptionally eventful 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 industry’s growth remains apparent.
Every month in 2022 has demonstrated a significant revenue growth when compared to the corresponding months in 2021.
Given that internet gaming only started in late January 2021, it is not meaningful to compare it to January 2022. Instead, let’s consider the full month comparisons up until now:
- In February, there was a significant increase of 54.1%, from $79.7 million to $122.8 million.
- In March, there was a significant rise in revenue from $95.1 million to $131.7 million, representing a 38.5% increase.
- In April, there was a significant increase from $94.9 million to $132.4 million, representing a growth of 39.5%.
- In May, there was an increase of 34.2%, from $94.9 million to $127.4 million.
- In June, there was a significant increase in the amount of money from $89.2 million to $121.5 million, representing a growth of 36.2%.
It is important to mention that Michigan had 14 online casinos available for the first time in June 2021. The number increased to 15 in April when Eagle Casino & Sports was added to the state’s offerings.
Although having fewer operators can result in decreased revenue, the prominent players have remained in the industry since its inception. Additionally, despite June 2021 offering a wide selection of operators, the increase in revenue for that month is comparable to previous months.
BetMGM massive tax source
Last month, BetMGM Casino Michigan continued to assert its dominance over other online casino operators in the state.
BetMGM’s iGaming revenue share reached $47.2 million in June, accounting for 38.9% of the total.
In June, BetMGM contributed to 38.9% of the total tax revenue generated for the state, resulting in $8.33 million in state taxes and $4.1 million in local taxes.
What’s even more remarkable is that the combined revenue of these companies amounts to $12.43 million, surpassing the revenue of 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 part of that group.
BetMGM has contributed a staggering $183.5 million, which accounts for 40% of the state’s total tax revenue, since the launch of internet gaming in January 2021.
However, there is no need to feel sorry for them, as BetMGM has accumulated a remarkable $702.2 million in iGaming revenue in Michigan throughout its existence.
Eagle Casino moves up the ladder
The June performance of Eagle Casino & Sports, the online application of Soaring Eagle Casino, must have provided some encouragement.
The online casino, which was launched in April, has experienced steady growth during its initial two complete months of operation.
Let’s take a glance at the online revenue it has produced up until now:
- April’s sales totaled $398,111 with a launch date of April 14.
- May: The revenue for the month is $1,368,148, indicating a substantial increase of 244%.
- June’s revenue increased by 50% to $2,056,520.
Eagle Casino’s position among the 15 operators in Michigan has strengthened alongside its revenue growth. Initially projected to be 15th in terms of revenue for April, the casino managed to improve its standing, rising to 13th in May. Further progress was made in June, as Eagle Casino jumped to the 11th spot.
Fox Bet, which generated $2,368,365 in revenue for June, is not too distant from this figure.
Michigan online casino promos still available
Promotions played a significant role in attracting new users to online gaming platforms upon their launch.
Despite initial doubts from many users that promotions would only last for a few months after the industry’s opening, they have remained strong even after 18 months.
Promotional credit from internet gaming operators accounted for slightly less than $12.1 million in June, making it the seventh straight month where promo credits surpassed $12 million.
Operators are realizing the importance of providing special promotions to maintain gamer satisfaction, so don’t expect that number to decrease in the near future.
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