Online Casinos Continue Hot Streak With Record Revenue in February
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In February, online casinos in Michigan achieved a new revenue record, despite it being the shortest month of the year.
With a narrow margin, the $122 million surpassed the previous record set in December. Additionally, this achievement signifies the third consecutive month where online casino revenue has exceeded $120 million.
Online casino revenue for the month of February has increased by 64% compared to the same time last year, indicating a positive upward trend in the industry.
Big growth in a year’s time
In February 2021, Michigan experienced the inaugural complete month of legalized online casinos.
One year later, it is evident that the industry has achieved an even more robust position.
| Feb. 2021 | Feb. 2024 | |
|---|---|---|
| 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 as of the present.
Significant rises are evident in all categories, particularly in promotional activities. The amount spent on promos last month was nearly three times higher than the previous year.
Another record month
Currently, online casinos in Michigan are experiencing a remarkable period of success.
The industry has achieved over $100 million in revenue for the sixth month in a row, as February came to a close.
In December of 2021, a remarkable revenue record of $121.8 million was achieved, and in January 2024, we witnessed a close attempt to surpass it with $121.2 million.
February 2024 has secured the highest position in terms of revenue. Considering the trend observed last year, there was a significant increase in revenue from February to March, suggesting the possibility of achieving another record-breaking month next month.
In March 2021, 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 of the shortest month of the year achieving a record revenue figure is challenging.
On the other hand, it might be as uncomplicated as chilly temperatures.
The correlation between the last three months being the coldest of each year and having the best numbers appears to be more than mere coincidence.
During the summer months, online casino revenue remained below $100 million per month, with June registering less than $90 million.
Ever since September began and the seasons shifted, there has been a gradual and continuous growth in things.
In February, the conclusion of the NFL regular season led to a decline in sports betting figures. Consequently, this may have prompted certain bettors to shift their focus towards casino games and table-based activities.
Online casinos will face an interesting challenge as March Madness is projected to generate $3 billion in wagers across the country, testing their ongoing success.
