Michigan kicked off the year with the launch of its online casino market, which has been steadily growing since. Games went live on January 22, with revenues jumping on a monthly basis.
According to the latest report, the state’s online gambling industry generated $95.1 million in revenue during March, representing a solid 19.3% increase compared to February.
BetMGM Leads the Ways
Although a new name in the rapidly growing online gambling market in the United States, Michigan has been posting excellent figures and is slowly closing in on the more established players, such as New Jersey and Pennsylvania. The latest numbers are very close to those from the two seasoned markets. Pennsylvania ended March with a revenue of $97.7 million, while the Garden State earned over $113 million during the same period.
A total of eleven online casino operators are currently offering their services to players in Michigan, with some being more successful than others. BetMGM was the top performer, earning more than $30 million during March, which accounted for around 32% of the state’s market share.
FanDuel was the second-place operator, generating $18.9 in revenue. That’s quite behind BetMGM, and the company will have to try harder if it wants to outperform its main rival. DraftKings is closely behind, with a little over $16.5 million.
The three operators are the leading ones in the state’s market. The remaining ones have generated revenues starting at $6.7 million and going down to just under $1 million.
Numbers Continue to Improve
At the time the latest report was published, the online casino market in Michigan has been in operation for 69 days. According to the figures provided by the state’s Gaming Control Board, total revenues amounted to $204.2 million. More than $17 million came through tax revenues, bringing a total of $35 million to the state coffers since the market went live in January.
Detroit can be more than satisfied with its cut from commercial casinos. The city received nearly $5 million in taxes and fees during March. All in all, Detroit was given more than $10 million since the launch of the market.
The Wolverine State can also be satisfied with the contribution of sports betting. Over the last couple of months, this sector has generated significant sums of money. According to the numbers posted last month, more than $301 million was wagered on sports in February, representing a massive accomplishment for Michigan, especially as it shows the rising popularity of sports betting among customers in the region.
Revenue earnings amounted to $9.5 million in February, and while that may not be as much as online gaming brings to the state, it still represents a decent return. One thing is sure; it will play a significant role in bringing more money to the state in the long run.
Experts believe these numbers will go up in the coming months. Michigan’s online market has started in style, and we have no doubts the growth trend will continue.