Online Casinos Continue Hot Streak With Record Revenue in February
Despite being the shortest month of the year, online casinos in Michigan set a new record for revenue in February.
The $122 million narrowly edged the previous record from this past December. It also marked the third consecutive month with over $120 million in online casino revenue.
Compared to a year ago, online casino revenue grew 64% for the month of February, showing that trends continue to head in an upward direction.
Big growth in a year’s time
February of 2021 marked the first full month of legalized online casinos in Michigan.
A year later, you can see that the industry is on even stronger footing.
| Feb. 2021 | Feb. 2022 | |
|---|---|---|
| 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 |
Last February, there were just 11 online casinos available to Michigan gamblers. Currently, 14 are in operation.
Notable increases in every category stand out, including in promos. Last month saw nearly triple the amount of promo dollars spent compared to a year ago.
Another record month
Online casinos are on a hot streak right now in Michigan.
February marked the sixth consecutive month with over $100 million in revenue for the industry.
After a record of $121.8 million in revenue was set in December of 2021, we saw January 2022 nearly top that at $121.2 million.
February 2022 now owns the top spot. If last year is any indicator, we saw a big jump from February to March in revenue, so we could see another record next month.
Online revenue leaped from just under $80 million in February to $95 million in March of 2021.
Is winter to thank?
It’s hard to pinpoint just what sparked the shortest month of the year to have a record revenue number.
However, it could just be as simple as cold weather.
It doesn’t seem to be a coincidence that the last three months have seen the best numbers and also been the coldest months each year.
This past summer saw online casino numbers fail to crack $100 million in revenue per month. June actually was below $90 million.
Since the start of September, and the change of seasons, things have progressively grown.
February also saw sports betting numbers decrease with the NFL regular season come to an end. That could have pushed some gamblers toward casino and table games.
With March Madness expected to generate $3 billion in wagers nationwide, it will be interesting to see if online casinos can continue their hot streak.
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