The Wolverine State iGaming market had a good August after the Michigan Gaming Control Board published the revenue data, and the report revealed a combined revenue of $196.7 million for the 15 licensed operators in August. The latest numbers signal a 2.8% month-over-month increase for Michigan online casinos after beating July by $5 million in revenue.
Although August is a good month, it is still below the record-setting March, when the market generated $215.2 million in revenue. However, as the summer slowly wrapped up, another milestone was reached, as the $196.7 million from August boosted the market’s lifetime revenue to the $6 billion threshold.
BetMGM Reigns Supreme in Michigan
BetMGM Casino is still the market leader in the Great Lakes State. This operator took in $52.4 million in bets in August, beating its main contender, FanDuel Casino, by $4 million, after the latter generated $48.4 million. FanDuel has been on the heels of BetMGM throughout 2024 and even managed to dethrone BetMGM for two months early in the year, to be more exact, in March and April.
The short lead of FanDuel did not last, and BetMGM is again the most dominant force on the market. BetMGM offers one of the largest lobbies in the Wolverine State and rewards players with attractive Michigan online casino no deposit bonus deals. The situation below the top two contenders does not fluctuate. DraftKings Casino is secure as the third-best operator with $36.6 million in revenue. Golden Nugget Casino is a separate casino app owned by DraftKings, contributing a respectable $7.4 million in revenue.
Despite serious investment in new partnership deals with distributors and the introduction of in-house games, Caesars has not moved up to the fourth position, which is still secure in the hands of BetRivers. Caesars is still mediocre, with $12.6 million in revenue, while BetRivers accumulated $13 million in revenue. Caesars will introduce another casino app by year’s end after it purchased WynnBET’s Michigan license.
Rapidly Growing iGaming Market
The state’s treasury took in $36.9 million in iGaming taxes and fees for August. The market is on track to provide over $400 million in taxes for 2024, with some projections putting the final number at a generous $500 million. On the other side, the licensed casinos are making headway towards the goal of $2 billion in revenue for 2024.
Michigan is one of the most dynamic markets in the nation and is growing rapidly. For lifetime revenue, it’s still lagging behind the two biggest markets, New Jersey and Pennsylvania. But so far, in 2024, Michigan ranks second behind Pennsylvania.