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Online casinos in Michigan experienced a groundbreaking month in October, setting new records.
In comparison to the previous record of $132.4 million in April of this year, the monthly total revenue rose by 6.4 percent, reaching $141 million.
In October, five distinct online operators achieved their highest monthly revenue ever.
While many operators are still trending in a positive direction, it doesn’t imply that all operators are experiencing the same upward trend.
Michigan online casinos on the rise
In October, numerous online operators achieved record-breaking numbers, resulting in a plethora of positive outcomes.
In this state, BetMGM remains the leading force in the online casino game, with FanDuel and DraftKings holding strong positions as well. However, it is important to note that other competitors are also steadily making progress in their own ways.
There are four Michigan online casinos, apart from the major three, which are displaying encouraging trends.
Barstool
Before October, Barstool Online Casino MI experienced a period of stagnation. The brand associated with Dave Portnoy had a market share of only 3.0% in August and 2.8% in September, which was its lowest point since August 2021.
In the month of October, Barstool experienced a significant increase, reaching a market share of 3.3%.
In addition to the increase in market share, the company achieved its highest revenue total since April of this year, amounting to $4.6 million.
Surprisingly, Barstool’s retail partner at Hollywood Casino at Greektown achieved its highest revenue of $21.9 million since April this year.
Four Winds
Although Four Winds’ market share dropped slightly from 2.3% in September to 2.2% in October, this change may not appear significant at first glance.
However, the iGaming platform for Four Winds Casinos achieved a remarkable milestone by generating a record-breaking revenue of $3.1 million in a single month. Despite the highly competitive market, Four Winds Casinos managed to maintain its position and thrive during this prosperous period.
Four Winds is experiencing a continuous upward trend in October’s figures, marking the seventh consecutive month with revenue exceeding $2.8 million. This milestone was not achieved at any point in 2021, with the highest record last year being $2.5 million in August.
Eagle Casino & Sports
The online platform for Soaring Eagle Casino & Resort was another one of the five online casinos that achieved a new record revenue month in October.
The share of 2.1% experienced a decline from 2.3% in September, while the revenue increased by 3.6% from $2.91 million to $3.01 million.
Since its launch in April, Eagle Casino has consistently set new revenue records, a trend that continued in October with yet another increase in the number of customers.
The initial month of May yielded a mere $1.37 million, but the revenue has more than doubled over the subsequent five months.
Eagle Casino & Sports, despite being the last operator to launch, has stealthily risen to the top 10 among Michigan’s online casinos.
FireKeepers
In September, the revenue of FireKeepers iCasino witnessed a significant decline, dropping from $1.76 million in August to a mere $700K.
FireKeepers expressed confidence in its ability to recover in October, citing the success of its fortunate winners. True to their word, FireKeepers achieved a revenue of $1.53 million, which is its second-highest total to date, just shy of July’s $1.76 million.
After experiencing a decline to 0.5% in September, FireKeepers successfully regained its market share, surpassing the 1% mark at 1.1%. Before September, FireKeepers Online Casino consistently held a market share of at least 1% for five consecutive months.
Michigan online casinos that saw a revenue decline
Despite the news being predominantly positive, there must be some negative aspects too.
In October, several online casinos in Michigan did not experience the same record-breaking numbers or growth as many others.
Caesars
Caesars Online Casino MI has faced a challenging past couple of months.
Caesars achieved its highest market share of 5.1% in Michigan in May this year.
Caesars’ market share has remained below 5% ever since. However, in October, it experienced a significant decline, dropping to a mere 3.8% of the total share.
Even more alarming is the fact that Caesars experienced a decrease in revenue from $5.62 million in September to $5.32 million in October. This marks the lowest total since March of this year.
Caesars has experienced a decline in online casino revenue for four consecutive months.
Parx
While Parx Online Casino may not be considered a prominent player in Michigan, it has demonstrated a level of consistency in meeting expectations since its launch in June 2021.
With an all-time market share of 1.22% for online revenue, the October figure of 1.3% is not surprising.
Despite being one of the few online operators, Parx experienced a decrease in revenue from September to October, dropping from $1.98 million to $1.80 million.
Throughout 2022, Parx has experienced a persistent decline. Starting at $2.24 million in January, it reached its highest point in February at $2.43 million. However, it has gradually and consistently decreased since then. Since April, Parx has been unable to surpass the $2 million revenue mark.
